Cambodia’s Trade Volume Soars to Over USD 50 Billion in 2024, Marking a 15.95% Growth

• 30 December 2024
• Local News
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Cambodia’s trade volume has exceeded USD 50 billion in the first 11 months of 2024, reflecting a substantial growth of 15.95% compared to the same period in 2023, as reported recently by the Ministry of Commerce in December 2024. This remarkable achievement underscores the nation’s robust economic progress and increasing integration into global trade networks.

Exports reached USD 24.34 billion, representing a year-over-year growth of 14.36%. Key sectors have driven this expansion, with the garment industry taking the lead by contributing USD 8.94 billion in exports, a sharp increase of 25.84% compared to 2023. The travel accessories sector followed suit, achieving USD 1.78 billion in exports with a growth rate of 21.50%. Footwear exports saw an impressive rise of 24.30%, totaling USD 1.50 billion, while rice exports grew by 16.42%, also contributing USD 1.50 billion to the total export figures.

On the import side, Cambodia reported USD 26.10 billion in goods, up by 17.48% year-over-year. Textiles dominated the import landscape, amounting to USD 5.70 billion, an increase of 23.52%. Electronics imports surged significantly by 29.14%, reaching USD 3.32 billion. Construction materials accounted for USD 1.47 billion, reflecting a 22.35% growth. Diesel imports increased by 10.16% to USD 1.30 billion, while other goods totaled USD 907.79 million, up by 7.21%.

The Ministry of Commerce attributed this growth to Cambodia’s consistent efforts to strengthen its trade policies and expand its global trade partnerships. The garment industry continues to be the backbone of Cambodia’s export sector, while the diversification into travel accessories, footwear, and agricultural products like rice showcases the country’s ability to adapt to changing market demands.

The rise in imports, particularly in textiles and electronics, reflects strong industrial activity and growing consumer demand. The increase in construction material imports also points to ongoing infrastructure development, a critical element of Cambodia’s broader economic strategy.

• Business and Market
• Economy and Finance