Shipping containers aboard a cargo vessel docked at Sihanoukville Autonomous Port (PAS). Post Staff
Cambodia's bilateral trade with partner countries in the first nine months of 2024 reached nearly $41 billion, marking a year-on-year increase of over 16%, with a trade deficit of over $1 billion.
Statistics from the General Department of Customs and Excise (GDCE) published on October 10 show that from January to September, total trade volume between Cambodia and its trading partners reached $40.94 billion, a 16.4% increase compared to $35.16 billion during the same period in 2023.
Cambodia's exports amounted to $19.83 billion, a 17% rise from $16.94 billion, while imports totalled $21.1 billion, a 15.9% increase from $18.21 billion. The data reflects a trade deficit of approximately $1.27 billion, similar to the same interval last year.
In September alone, international trade amounted to $4.46 billion, up 16.18% compared to September 2023. Cambodia’s exports totalled $2.25 billion, a 19.8% increase, while imports reached $2.2 billion, rising by 12.7%.
Lor Vichet, vice-president of the Cambodia Chinese Commerce Association (CCCA), told The Post on October 10 that despite the current global political situation being unstable, the country has sufficient potential to further expand its international trade.
He emphasised that the key factors contributing to the country’s trade growth and ability to attract new investments and business expansions are its political stability, reasonable labour wages and favourable investment and tax laws.
Vichet also mentioned that the political tensions between major powers have intensified global trade conflicts, and the rising tariffs between countries has indirectly benefited Cambodia.
He said that factories and enterprises from other countries have relocated to Cambodia as a result of these trade disputes.
"As trade conflicts between major powers escalate, Cambodia, as a developing country, will have more opportunities to export goods to those in conflict, particularly to markets like the US and Europe,” he added.
Regarding the increase in imported goods, Vichet noted that the country imports raw materials and components for use in manufacturing finished products, which are later exported to international markets.
Chin Ken, president of the Digital Technology Association of Cambodia (DTAC), recently told The Post that the favourable environment created by the government has helped attract both domestic and foreign investors.
“The technology sector is playing an increasingly important role in Cambodia’s operations, and the continued modernisation of technology has facilitated easier business and investment processes, helping the country's economy move forward faster,” he said.
In 2023, the country’s total international trade amounted to over $46.83 billion, a decline of 1.9% compared to 2022. Of this, Cambodia exported over $22.64 billion, a 1.8% increase, while imports totalled nearly $24.18 billion, a 5% decline, according to the GDCE.
