In a remarkable surge, Cambodia's exports have exceeded the $8 billion mark in the first four months of this year, marking a substantial...
In a remarkable surge, Cambodia's exports have exceeded the $8 billion mark in the first four months of this year, marking a substantial 15.2 percent increase from the same period last year. Data from the General Department of Customs and Excise (GDCE) revealed this impressive growth trajectory on Friday.
During this period, imports into Cambodia witnessed a notable rise of 9.3 percent, reaching $8.66 billion, as indicated by the report. The United States has emerged as the leading market for Cambodian exports, totaling $2.61 billion, followed by Vietnam and China with $1.71 billion and $486 million respectively.
The data underscores the robust bilateral trade between Cambodia and its trading partners, amounting to $16.67 billion during January-April, reflecting a significant 12.1 percent increase compared to the previous year. This surge signifies a strengthening economic tie between Cambodia and global markets.
Penn Sovicheat, Secretary of State and spokesman of the Ministry of Commerce, attributes the country's export growth to the implementation of key trade agreements such as the Cambodia-China Free Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP).
Despite global challenges such as geopolitical tensions and weakening purchasing power, Cambodian exports have remained resilient, with steady volumes. While some sectors experienced declines, others witnessed substantial growth, mitigating overall impacts.
Lim Heng, Vice President of the Cambodia Chamber of Commerce (CCC), stresses the importance of trade preferences and free trade agreements in expanding Cambodia's market reach. He emphasizes that the surge in exports underscores strong international demand for Cambodian products.
Cambodia has strategically forged free trade agreements with key partners like China, South Korea, and the United Arab Emirates (UAE), facilitating smoother export processes. These agreements have played a pivotal role in boosting trade volumes with these nations.
Prime Minister Hun Manet underscores ongoing negotiations for free trade agreements with several other countries, aiming to further enhance market access. He urges stakeholders to maintain high standards and trust to preserve existing markets while ambitiously positioning Cambodia as a hub for exporting raw materials and finished products, thereby improving livelihoods domestically and globally.
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