PHNOM PENH: Cambodia has experienced for the first time a trade surplus in the international trade balance.
An official report showed last week, the total import-export turnover in January-March period of this year reached US$12.49 billion, a year-on-year increase of 11.9 percent, of which US$6,261 million were Cambodia’s exports and US$6,234 million were her imports.
The trade surplus of US$27 million has helped increase foreign exchange reserves, and stabilise macroeconomic indicators of the country.
The garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. Other exported products are non-garment manufacturing products – electronic components, agricultural products, bicycles, and solar panels.
Mr. Lim Heng, Vice-President of the Cambodia Chamber of Commerce, attributed the trade surplus to the country’s huge international markets under trade agreements and trade preference schemes.
“This reflects the potential and high demand of Cambodia’s products abroad,” he said.
Ministry of Economy and Finance has projected the Kingdom’s economic growth at 6.6 percent in 2024 from 5.6 percent in 2023.
The country’s growth is mainly driven by garment export, tourism, agriculture, as well as construction and real estate.
Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia said the Cambodia’s strategic membership in key regional and global trade agreements positions the country as a highly integrated player within the dynamic global market.
“Made-in-Cambodia products, encompassing garments and bicycles, are now recognised worldwide for their quality and competitive pricing. This signifies Cambodia’s growing presence in the global marketplace,” the Prime Minister said on April 2.