PHNOM PENH: Cambodia’s total exports topped US$6,261 million in the first quarter (Q1) of this year, up 18 percent compared to the same period last year, a report of the General Department of Customs and Excise showed on Wednesday.
The United States and Vietnam are the Kingdom’s top exporting destinations with shipment amount at US$1,985 million and US$1,392 million, up 8.9 percent and 53 percent, respectively, read the report.
The Regional Comprehensive Economic Partnership (RCEP) agreement and the free trade agreements with China and Korea have played important roles in promoting Cambodia-made products and contributed to attracting new foreign investment, said H.E. Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce.
“Cambodia’s exports to the international market, particularly RCEP member states, have remarkably increased, making Cambodian products attractive in the long term,” he underlined. RCEP, Cambodia-China FTA, and Cambodia-Korea FTA came into force in 2022.
Mr. Lim Heng, Vice President of the Cambodia Chamber of Commerce, attributed the country’s export growth to huge potential of markets under the trade pacts and trade preference schemes.
“Free trade agreements, mega-regional pact, and trade preference schemes in the EU and US are potential for Cambodia’s products and are catalysts in attracting new investment for manufacturing products for exports,” he added.
The garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,133 factories and branches, employing approximately 840,000 workers, mostly female.
Meanwhile, Cambodia’s total imports rose by 6.4 percent to US$6,234 million, the report pointed out. The country primarily imports raw and construction materials, automobiles, pharmaceuticals, electronic equipment, fertilisers and pesticides.