PHNOM PENH: Cambodia exported US$22.64 billion worth of goods in 2023, up 1.8 percent from a year ago, a report of the General Department of Customs and Excise showed on Wednesday.
At the same time, the Kingdom’s imports declined by 5 percent to US$24.18 billion, the source pointed out, adding that the country’s international trade decreased by 1.9 percent to US$46.82 billion.
China was Cambodia’s biggest trade partner last year, with bilateral trade amount at US$12.26 billion, a year-on-year increase of 5 percent.
The Kingdom’s other main trade partners were the U.S., European Union, Vietnam, and Singapore.
The Regional Comprehensive Economic Partnership (RCEP) agreement and the bilateral free trade agreements with China and Korea that came into force in 2022 have played an important role 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.
“These trade pacts have contributed to the export growth and to the attraction of foreign investment to Cambodia to produce for export,” he said.
RCEP comprises 15 Asia-Pacific countries including 10 member states of the Association of Southeast Asian Nations (ASEAN) — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam — and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.
Cambodia’s main products exported are garments, machinery and electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys, and textiles.
The garment, footwear, and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,300 factories and branches, employing approximately 840,000 workers, mostly female.