Key export items included garments, footwear, travel goods, bicycles, car tyres, solar panels, and a range of agricultural products such as rice, rubber, cassava, bananas, mangoes, and longans, the report indicated.

The Kingdom’s top five export destinations were identified as the United States, Vietnam, Japan, Canada, and China.

H.E. Penn Sovicheat, Secretary of State and Spokesperson for the Ministry of Commerce, said the robust growth in exports reflects continued demand for Cambodian products in international markets, despite global economic challenges.

He highlighted the important role of free trade agreements (FTAs)—particularly with China, South Korea, and the Regional Comprehensive Economic Partnership (RCEP)—in boosting Cambodia’s export performance.

“The implementation of FTAs has significantly reduced tariffs and trade barriers, making Cambodian goods more competitive globally. In increasingly regulated markets, regional trade under frameworks like RCEP is the best option to diversify Cambodia’s export markets,” he said.

Cambodia currently maintains FTAs with China and South Korea, and has signed the Comprehensive Economic Partnership Agreement with the United Arab Emirates.

Meanwhile, the country’s imports reached US$16.27 billion during the January–June period, up 18 percent compared to the same period last year, the report noted.

Major imported goods included petroleum, raw materials for garment and footwear production, travel goods, vehicles, machinery, electronic appliances, and various consumer products.

The garment, footwear, and travel goods industry remains Cambodia’s largest foreign exchange earner. According to the latest data from the Ministry of Labour and Vocational Training, the sector comprises approximately 1,538 factories and branches, employing about 913,000 workers, the majority of whom are women.

The post Cambodia’s Export Up 16 Percent in H1 first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

From January to November, the Kingdom of Cambodia imported US$25.94 billion worth of goods from foreign markets, a year-on-year increase of 17.9 percent, read the report.

Data showed that Cambodia’s total trade volume reached over US$49.87 billion, up 17.4 percent from US$42.5 billion during the same period last year.

US, Vietnam, China, and Japan, are Cambodia’s biggest markets during the period, with a trade value of $9,068 million, $3,298 million and $1,607 million, and $1,272 million, respectively.

Cambodia’s Free Trade Agreement with China and Korea and the Regional Comprehensive Economic Partnership (RCEP) have contributed to the rise in trade, the ministry’s Secretary of State and Spokesman H.E. Pen Sovicheat said.

“RCEP and the Cambodia-China Free Trade Agreement (CCFTA) have given a significant boost to the trade growth,” he said.

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

The post Cambodia’s Exports Up 16 Percent To US$24 billion From January-November first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

From January to August this year, Cambodia’s total exports were amounted to US$17.58 billion, a year-on-year increase by 16.7 percent, while her total imports were valued at US$18.9 billion, up 16.2 percent, according to the General Department of Customs and Excise’s report.

China remained the top trading partner of Cambodia during the period, followed by the United States, Vietnam, Thailand, and Japan, the source pointed out.

Cambodia’s Free Trade Agreements with China and Korea and the Regional Comprehensive Economic Partnership (RCEP) have contributed to the rise in trade, Secretary of State and Spokesperson for the Ministry of Commerce H.E. Penn Sovicheat said.

“RCEP and the Cambodia-China Free Trade Agreement have given a significant boost to the trade growth,” he underlined.

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

The garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,300 factories, employing approximately 850,000 workers, mostly female.

The post Cambodia’s International Trade Up 16.5 Percent in Eight Months first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The country’s trade volume with fellow RCEP members accounted for 63 percent of its total trade volume during the January-July period this year, the report said.

The kingdom exported products worth 5.2 billion dollars to RCEP countries, up 13.2 percent, while it recorded the import of goods worth 14.67 billion dollars from RCEP countries, up 18 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.

Entering into force in 2022, RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states — 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.

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

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

“With preferential tariffs granted by the RCEP agreement, there’s no doubt that our export to RCEP countries will continue to rise throughout this year and beyond,” he said.

the RCEP free trade agreement came into effect in January 2022. It encompasses 15 Asia-Pacific nations, including the 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and five additional trading partners (China, Japan, South Korea, Australia, and New Zealand).

The agreement offers Cambodia preferential tariffs on various exports, including agricultural products, processed goods, and industrial items. Additionally, Cambodia benefits from knowledge and technology transfer, skill development, and foreign direct investment that creates new jobs. (Xinhua)

The post Cambodia’s trade with RCEP countries hits almost 20 bln USD in 7 months first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

H.E. Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce, attributes this growth to a rise in global demand for apparel and textiles. “The growth in GFT export is a positive sign,” he said. “This GFT industry has received purchase orders, showing the quality of our products which meets the demand in the foreign market.”

This positive trend aligns with predictions made by the World Bank, which has recently highlighted the GFT sector as a key driver of Cambodia’s economic expansion in 2024. The World Bank anticipates Cambodia’s economy to grow by 5.8 percent, with a significant contribution coming from the rebound of GFT exports alongside continued resilience in agricultural exports.

The garment, footwear and travel goods industry remains the Kingdom’s largest foreign exchange earner. The sector currently boasts around 1,680 factories and branches, employing a substantial workforce of approximately 918,000, primarily women, according to the Ministry of Labour and Vocational Training.

The post Strong Demand Fuels Cambodia’s GFT Exports Hit $4.9 Billion first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

“Car tires are a new export product for Cambodia, reflecting the government’s successful efforts to diversify and expand exports to international markets,” said H.E. Penn Sovicheat, Secretary of State and Spokesperson for the Ministry of Commerce. “Opening new markets for tire products is a key step in our export expansion strategy, and the tire industry holds immense potential for Cambodia.”

The country currently boasts three operational car tire manufacturing facilities, with two more projects having received investment approval. This growth signifies that Cambodia-made car tires are meeting the quality standards of foreign markets.

Interestingly, Cambodia’s rubber exports, the raw material for tires, have also seen an increase. The country exported 69,322 tons of dry rubber in the first quarter of 2024, a 5.1% rise compared to the same period in 2023. This rubber is primarily exported to Malaysia, Vietnam, Singapore, and China. Cambodia currently has over 407,000 hectares dedicated to rubber trees, with nearly 80% ready for tapping.

In a recent push to create a market for domestic rubber plantation farmers, Prime Minister Hun Manet has urged all tire factories in Cambodia to utilize domestically produced rubber as their primary material. This move is expected to further strengthen Cambodia’s tire industry and create a symbiotic relationship between rubber producers and tire manufacturers.

The post Cambodia’s Tire Exports Skyrocket: PM Urges Domestic Rubber Use to Fuel Growth first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The figures were shared by the Ministry of Commerce in a report released on Wednesday, adding that at the same time, the Kingdom imported US$7.83 billion worth of products from the RCEP countries, up 13 percent from US$6.93 billion.

Cambodian exports to RCEP countries accounted for 44.57 percent of the Kingdom’s total exports of US$8.82 billion in the four-month period, it pointed out.

Cambodia’s two-way trade with RCEP rose by 13.98 percent to US$11.19 billion, or 66.2 percent of the country’s total international trade of US$16.91 billion, stated the report.

Cambodia’s trade with RCEP countries has increased thanks to trade preferences under the mega-regional trade pact, said H.E. Penn Sovicheat, Secretary of State and Spokesperson of the Ministry of Commerce.

“With almost zero trade tariffs, exporters have been able to take advantage of the trade deal, resulting in increased exports and imports from Cambodia,” he said.

The RCEP free trade agreement entered into force on Jan. 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including the ten 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.

RCEP nations collectively represent about 2.2 billion people, or 30 percent of the global population, contributing US$26.2 trillion to the gross domestic product (GDP), which is 30 percent of the worldwide GDP. Member countries account for approximately 28 percent of global trade, according to the ministry.

The post Cambodia’s Exports to RCEP Countries Up 16 Percent in 4 Months first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The Kingdom’s imports rose by 9.3 percent to US$8,664 million, read the report.

According to the same source, the bilateral trade between Cambodia and its trade partners was amounted to US$16,670 million during the January-April period, a 12.1 percent year-on-year increase.

The U.S. was the biggest market for Cambodia’s exports with a total of US$2,617 million, followed by Vietnam and China with US$1,713 million and US$486 million, respectively.

H.E. Penn Sovicheat, Secretary of State and Spokesperson of the Ministry of Commerce, said that the implementation of the Cambodia-China Free Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP) added momentum to the country’s export growth.

“Despite the war crisis and weakening of the purchasing power, Cambodian orders remained high, with the volume of orders remaining unchanged, although there was a decline in some items, but an increase on other items,” he said.

The markets in the RCEP members are huge for Cambodia’s products, underlined the spokesperson.

The post Cambodia’s exports jump 15 percent in first 4 months first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The South-East Asian country exported bicycles, including electric bicycles, worth US$96.9 million during the January-March period this year, a decrease of 43 per cent from $170 million over the same period 2023.

Ministry of Commerce’s Secretary of State and spokesperson Penn Sovicheat said the made-in-Cambodia bicycles had been shipped mainly to European countries, the United States, Britain and Canada, among others.

“The drop was due to global economic slowdown and uncertainties that had resulted in a plunge in purchase orders,” he told Xinhua.

Sovicheat said bicycles are one of Cambodia’s major manufacturing products for exports after garments, footwear, and travel goods.

There are currently five bicycle factories in the kingdom, all of them are located in special economic zones in Svay Rieng Province’s Bavet City on the border with Vietnam. – Xinhua

The post Cambodia’s bicycle exports reached nearly $100 million in three months first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The Kingdom recorded US$5.66 billion imports from the RCEP countries, up 10 percent from US$5.14 billion, it added.

Cambodia’s trade with RCEP countries has increased thanks to trade preferences under the mega-regional trade pact, said H.E. Penn Sovicheat, Secretary of State and Spokesperson of the Ministry of Commerce.

“With almost zero trade tariffs, exporters have been able to take advantage of the trade deal, resulting in increased exports and imports from Cambodia,” he said.

The RCEP free trade agreement entered into force on Jan. 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including the ten 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.

RCEP nations collectively represent about 2.2 billion people, or 30 percent of the global population, contributing US$26.2 trillion to the gross domestic product (GDP), which is 30 percent of the worldwide GDP. Member countries account for approximately 28 percent of global trade, as per the ministry.

Cambodia’s total international trade volume was valued at US$12.4 billion during the first quarter of 2024, a 11.9 percent increase from US$11.16 billion in the corresponding period last year, according to the General Department of Customs and Excise (GDCE).

The post Cambodia earns $2.69 billion from exports to RCEP countries in Q1 first appeared on Estatedia | Economy & Real Estate Media in Cambodia.