• Cambodia’s exports to Vietnam grew by 32.1% in 2024.
• Imports from Vietnam increased by 14.5%.
• Total exports to international markets rose by 16%.

PHNOM PENH: Cambodia exported some US$2.9 billion worth of products to Vietnam in the first ten months of 2024, an increase of 32.1 percent compared to the same period last year, a report from the General Department of Customs and Excise of Cambodia revealed recently.

The main exported products included garments, fabric accessories, electrical machinery and appliances, agricultural products, and so on. These exports form the backbone of the economy, contributing significantly to revenue and employment. The garment industry, in particular, plays a crucial role, producing a variety of clothing items for leading international brands and driving economic growth through its extensive supply chains. Fabric accessories, which complement the garment sector, add value through specialized production techniques and skilled labor.

Electrical machinery and appliances represent another vital category, encompassing products such as consumer electronics, industrial equipment, and other technological goods that cater to the growing global demand. The strong export performance in this sector highlights the country’s developing manufacturing capabilities and its integration into international supply networks.

Agricultural products, including rice, rubber, and various fruits, are also important contributors to the export landscape. These products showcase the country’s rich agricultural heritage and the potential for sustainable growth in the agribusiness sector. With a focus on quality and competitive pricing, these exports continue to attract markets around the world.

Additional key exports might include footwear, textiles, and construction materials, each playing a strategic role in enhancing trade relations and economic diversification. By leveraging its strategic location, improving infrastructure, and fostering trade agreements, the country aims to boost its export portfolio and secure its position as a competitive player in the global market.

At the same time, the Kingdom imported US$3.4 billion worth of products from Vietnam, up 14.5 percent compared to the same period in the previous year, the report said, adding that mineral fuels, mineral oil and refined products, electrical machinery and appliances and their components, artificial short fibers, etc. were among the main Vietnamese products imported by Cambodia during the said period.

From January to October 2024, Cambodia’s total exports to international markets were valued at US$21.57 billion, up 16 percent, of which more than US$8.2 billion to the U.S. (up 9.8 percent), over US$1.4 billion to China (up 21.1 percent), more than US$1.1 billion to Japan (up 18 percent), and the rest to other markets.

In 2022, these exports amounted to about $3.67 billion, reflecting an annual growth rate of 26.3% over the past five years. The significant share of agricultural products highlights Cambodia’s role as a supplier of raw materials, particularly in the agricultural sector.

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H.E. Minister made the remarks while presiding over the closing ceremony of Cambodian Women Entrepreneurs Day 2024, organised here on Nov. 11 by the Cambodian Women Entrepreneurs Association (CWEA) under the theme “Women Empowerment in Green Economy”.

He noted women’s growing contribution to Cambodia’s business landscape, particularly in small and medium enterprises (SMEs). “Promoting women’s entrepreneurship requires combined efforts of all stakeholders to integrate their businesses into regional and global value chains, harness local resources, and adopt new technologies,” Minister Vanndy said.

Women entrepreneurs lead 69.2 percent of Cambodia’s economic units, according to the Ministry of Planning’s 2022 census. With Cambodia’s economy expected to grow around 6 percent in 2024—driven by sectors like garment exports, non-garment manufacturing, agriculture, tourism, and trade—H.E. Hem Vanndy stressed that women-led businesses are crucial to sustaining this momentum.

The Royal Government of Cambodia is actively implementing strategies and policies designed to support women entrepreneurs, with initiatives focused on enhancing productivity, expanding market access, and providing critical financial resources to help businesses to thrive, said the Ministry of Industry, Science, Technology & Innovation, adding that platforms such as ASEANAccess and KhmerSME offer essential business information in the region to small and medium enterprises (SMEs), equipping them with the tools and resources necessary for sustainable growth and success.

Addressing attendees at the event, the industry minister encouraged SMEs to formalize their businesses, emphasising that doing so would enhance their ability to access support, contribute to the government’s targeted policymaking, and strengthen their long-term business resilience and growth.

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From January to October this year, the Kingdom exported 507,029 tonnes of milled rice to 66 foreign countries and territories, earning more than US$376 million, stated the report.

Twenty-six (26) countries in Europe bought a combined amount of 254,945 tonnes of milled rice from Cambodia worth approximately US$197 million, it added.

At the same time, it continued, seven countries in the ASEAN bloc imported 100,996 tonnes worth US$66.61 million, while China purchased 93,197 tonnes worth US$61.48 million.

Cambodia also shipped almost 58,000 tonnes of milled rice to other destinations, generating a total income of US$51.61 million, said the source.

Rice varieties the country exported included fragrant rice, long-grain white rice, parboiled rice, and organic rice, among others.
The CRF’s report pointed out that some 4.03 million tonnes of paddy rice worth US$1,184 million were traded across the border to neighbouring countries during the said ten-month period.

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The launch ceremony, held at the ministry early this week, was presided over by H.E. Mrs. Cham Nimul, Minister of Commerce, and attended by foreign ambassadors, representatives from relevant ministries and institutions, the private sector, and development partners.

A joint initiative of the Ministry of Commerce and the Centre for the Promotion of Imports from Developing Countries (CBI), the ESC aims to stimulate Cambodia’s exports, equip traders with export readiness, and instill confidence in their ability to compete internationally.

Through the ESC, exporters will gain access to training on export procedures and networking opportunities with experts and potential buyers in target markets, the ministry emphasized.

Cambodia’s export performance has been strong in the first three quarters of 2024, with goods valued at approximately US$19.8 billion, representing a 17 percent increase from the same period last year, according to the General Department of Customs and Excise of Cambodia.

The United States remains the largest market for Cambodian products, accounting for 38 percent of total exports with a value of US$7.6 billion. Vietnam follows as the second-largest market, with imports from Cambodia reaching US$2.7 billion, a 33.8 percent year-on-year increase. China is the third-largest market, with exports valued at US$1.27 billion, a 20 percent increase.

Cambodia’s primary export products include garments, machinery, electrical equipment, footwear, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys, and textiles.

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The kingdom’s trade volume with the fellow RCEP members accounted for 61.6 percent of its total trade volume during the period, said the report from the General Department of Customs and Excise.

The country exported products worth 6.76 billion dollars to the RCEP countries, up 16.3 percent, while it recorded the import of goods worth 18.78 billion dollars from the RCEP countries, up 17.3 percent, the report added.

The Southeast Asian nation’s top five trading partners under the regional mega-trade pact are China, Vietnam, Thailand, Japan and Singapore, according to the report.

Effective in 2022, the RCEP comprises 15 Asia-Pacific countries, including 10 ASEAN member states and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

Cambodian Ministry of Commerce’s Secretary of State and spokesperson Penn Sovicheat said the RCEP is a catalyst for Cambodia’s trade growth and a magnet for foreign direct investments to the kingdom.

“Despite rising protectionism and weakening global demand, the RCEP has given a boost to regional trade cooperation, bringing great benefits to all member countries,” he told Xinhua.

“With tariff concessions under the RCEP agreement, our export to the fellow RCEP countries will undoubtedly continue to grow throughout this year and beyond,” he added.

Hoe Ee Khor, chief economist of the ASEAN+3 Macroeconomic Research Office (AMRO), said reduction in tariffs and non-tariff barriers has made it easier for Cambodian goods to access larger markets.

“Key Cambodian export products, such as garments and agricultural products, have benefited from improved market access and competitive pricing due to tariff reductions under the RCEP,” he wrote to Xinhua in an e-mail.

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Organized by the Cambodia Australia Partnership for Resilient Economic Development (CAPRED) program, the visit aimed to boost Cambodian exports.

During the trip, the delegation participated in a market visit and attended the prestigious SIAL Paris Exhibition. Secretary of State Bora engaged in discussions with Cambodian entrepreneurs who had previously participated in the event, gaining valuable insights into their experiences.

The delegation also met with European companies to showcase Cambodia’s potential products, particularly rice, processed foods, and cashew nuts. SIAL Paris, with over 7,500 booths from various regions, attracted an estimated 285,000 attendees.

A significant milestone was achieved during the visit with the signing of a Memorandum of Understanding (MoU) between Tropicam Fruit and Vegetable Co., Ltd. and Overenden / Smarteden. This agreement paves the way for the export of Cambodian rice, cashew nuts, and dried mangoes to the European market later this month.

The Cambodian Ministry of Commerce is optimistic about the potential of these exports to contribute to the country’s economic growth and diversification.

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The reach of Cambodian rice has extended to 65 countries and regions worldwide. The European Union remains a significant market, accounting for 228,731 tonnes of exports, valued at $186 million. China and ASEAN countries also play crucial roles, with exports of 81,423 tonnes and 86,043 tonnes, respectively.

Beyond formal exports, Cambodia has engaged in substantial cross-border trade of paddy rice with neighboring countries, amounting to 3.36 million tonnes and generating $1.066 million in revenue.

With its impressive performance, the Cambodia Rice Federation has set an ambitious target of exporting at least one million tonnes of milled rice by 2025. Supported by 3.54 million hectares of rice fields and a yearly yield of 12.49 million tonnes of paddy rice, Cambodia’s rice industry is well-positioned to achieve this goal.

Source: Agence Kampuchea Press (AKP)

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Through the Cambodia Australia Partnership for Resilient Economic Development (CAPRED) program, IPC has officially launched accredited testing services for pesticide residue, antibiotic residue, and heavy metals.

The establishment of these ISO 17025-accredited testing services addresses a significant challenge faced by Cambodian businesses. Previously, many businesses struggled to obtain quality certificates for their agricultural products due to the lack of local accredited laboratories. Reliance on foreign testing services often resulted in increased contamination risks, delays, higher costs, and reduced competitiveness.

The new testing services offered by IPC’s Laboratory of Environment and Food Safety are expected to improve product quality and competitiveness, create jobs, enhance food safety and consumer protection, and increase market access for Cambodian agricultural exports.

Australian Ambassador to Cambodia, H.E. Derek Yip, highlighted the importance of in-country laboratory services for growth and competitiveness. He emphasized that Australia’s investment in these laboratories will help Cambodian companies produce safe, high-quality agri-food products for both domestic and international markets.

The collaboration between Australia and IPC represents a significant step forward in improving Cambodia’s food safety landscape. By establishing state-of-the-art laboratories, they are supporting public health, local businesses (including women-owned businesses), and the country’s economic development through increased trade opportunities.

Mr. André Spiegel, Director of IPC, expressed gratitude for the support provided by Australia’s CAPRED program. He emphasized that the new laboratory services will enable IPC to provide essential testing for the Cambodian agri-food sector, contributing to both enhanced food safety and sustainable development.

This initiative aligns with Australia’s ongoing commitment to helping Cambodia achieve resilient, inclusive, and sustainable economic growth.

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This impressive growth has caught the attention of the International Monetary Fund (IMF), which has revised its forecast for Cambodia’s economic expansion in 2024 to a strong 5.5%. The IMF attributes this upward revision to the buoyant performance of the export sector, particularly in garments and agriculture, as well as the ongoing recovery in the tourism industry.

The IMF’s mission chief to Cambodia, Kenichiro Kashiwase, emphasized the positive impact of free trade agreements with China and South Korea, as well as the Regional Comprehensive Economic Partnership (RCEP), on Cambodia’s economic growth. These agreements have provided the country with valuable market access and preferential trade terms.

However, Mr. Kashiwase also highlighted the importance of diversifying Cambodia’s trading partners to mitigate risks and capture additional opportunities. By expanding its export markets beyond major economies like the United States, China, and Europe, Cambodia can further strengthen its economic resilience.

Report also showed the Kingdom imported some US$21 billion worth of goods from foreign markets, a year-on-year increase of 15.9 percent, the source pointed out, while Cambodia’s total trade volume reached over US$40.9 billion, up 16 percent from US$35 billion during the same period in 2023.

China, Vietnam, and the U.S. were Cambodia’s biggest partners during the period, with a two-way trade volume of US$11.14 billion, US$7.8 billion, and US$5.8 billion, respectively.

However, the U.S. is the biggest market for Cambodia’s products with a total value of US$7.6 billion, sharing about 38 percent of the Kingdom’s total exports, read the report, adding that Vietnam ranked second with import of Cambodian goods reaching US$2.7 billion, a year-on-year increase of 33.8 percent, while the exports to China were valued at US$1.27 billion, up 20 percent.

Cambodia’s main export products are garments, machinery, electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles. The Kingdom’s major imports include medicines and supplements, consumables and food and beverages.

Overall, Cambodia’s strong export performance and favorable economic outlook position the country for continued growth and prosperity in the coming years. The IMF’s positive forecast underscores the nation’s ability to capitalize on its economic strengths and seize opportunities presented by regional and global trade agreements.

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During a bilateral meeting on the sidelines of the 44th and 45th ASEAN Summits in Vientiane, Laos, Cambodian Prime Minister Hun Manet and Chinese Premier Li Qiang announced a new Chinese grant of 300 million yuan (approximately $42.4 million) to fund infrastructure projects in Cambodia.

China committed to providing an additional 300 million yuan (approximately $42.4 million) to fund infrastructure projects in Cambodia. This grant will contribute to the country’s ongoing efforts to modernize its infrastructure and enhance connectivity.

In addition to the financial assistance, both leaders discussed plans to develop a master plan for the Fish and Rice Corridor, an industrial and technological corridor aimed at boosting Cambodia’s agricultural exports to China. This initiative is part of China’s broader efforts to support Cambodia’s economic growth and development.

Prime Minister Hun Manet expressed his gratitude for China’s continued support and assistance, noting that the grant will play a crucial role in Cambodia’s infrastructure development. Both leaders emphasized the importance of strengthening bilateral cooperation in areas such as clean energy, infrastructure, connectivity, and people-to-people exchanges.

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