With recovery in the global economy, Cambodia’s exports of furniture and bedroom products increased over 60% in the first month of the year compared to the same period of 2023, as reported by the General Department of Customs and Excise (GDCE)
In January, exports of goods under Harmonised System (HS) Code 94, which includes furniture, bedding, mattresses, cushions and similar stuffed furnishings, totalled $59.93 million.
The figure represents a 62% increase from $37 million in January 2023, accounting for 3.05% of the country’s total sales to international markets that month, which amounted to $1.97 billion.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post on March 6 that furniture has long been a key outbound product.
He noted an increase in the export value of these goods since the end of 2023, following a sharp decline during the global Covid-19 crisis.
“The rising international market demand and the increasing number of factories and enterprises producing these products in Cambodia suggest that their export value will continue to grow,” he stated.
He noted that the country’s production capacity has risen across nearly all sectors to meet international demand.
Vanak added that direct investment in the country offers positive outcomes due to both internal and external factors.
He said internal factors include the country’s geographical location, investment law, transport infrastructure and skilled labour force, while external factors relate to preferential tariff systems and trade agreements that have been established with various nations.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), previously stated that global economic growth and the reduction of international buyers’ inventories have resulted in increased overseas orders across various sectors. He anticipates larger order volumes in the future.
“When the global economy flourishes, the demand for these products rebounds, leading to increased orders,” he explained.
According to the GDCE, Cambodia’s Code 94 exports in 2023 amounted to $889.62 million, a decrease of 6.2% from $948.26 million in 2022, and equivalent to 3.9% of the Kingdom’s total export value in 2023, which reached $22.64 billion.