A bird’s-eye view of container cranes at the Sihanoukville Autonomous Port (PAS) in Preah Sihanoukville province, the Kingdom’s busiest port. PAS
Although global economic growth remains sluggish, Cambodia's economy has shown remarkable resilience.
In the first 10 months of 2024, total trade (exports and imports) reached over $45 billion, a nearly 20% increase over the same period last year. The total is nearly equal to Cambodia’s total trade revenue for the entire year of 2023.
Statistics from the General Department of Customs and Excise of Cambodia (GDCE), published on November 11, revealed that from January to October, Cambodia’s total trade volume with all partner countries reached $45.06 billion, up 16.5% compared to the same period in 2023, which amounted to $38.67 billion. Of this, exports were valued at $21.57 billion, up 16% from $18.59 billion, while imports totalled $23.49 billion, an increase of 16.5% from $20.07 billion.
Based on these statistics, the Kingdom’s trade balance had a deficit of about $1.91 billion in the first 10 months of 2024, compared to $1.48 billion during the same period in 2023.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), told The Post on November 11 that the Cambodian economy in 2024 has shown positive signs in almost every sector. This includes growth in exports and imports to international markets, new investments and expanded production from both domestic and foreign investors, as well as the opening of new companies and businesses.
He believed that these positive trends stemmed from factors such as political stability, favourable geographic location, improved investment laws, an abundant and skilled labour force with competitive costs, access to many export markets and free trade agreements like CCFTA, CKFTA, and RCEP, along with preferential tax systems for certain countries.
He added that the high value of imports compared to exports is due to some imported goods being raw materials or semi-finished products which are processed before being exported.
“Cambodia’s international trade volume will continue to show positive growth as the global economy fully recovers, especially with the new factories opening in Cambodia. These new factories cover almost all types of light industries and use modern technology,” he said.
He also noted that products made in Cambodia are of high quality and come in a wide range of types, enabling Cambodia to meet growing demand across various sectors and countries. However, he believed that the Kingdom needs to focus on reducing domestic production costs to enhance its competitiveness in the international market.
Chhin Ken, managing director of the Cambodia Digital Tech Association, recently told The Post that the favourable environment created by the government has helped attract more local and foreign investors to invest directly in Cambodia and the technology sector is playing an increasingly important role in almost all business operations in Cambodia.
He expressed his confidence that the Kingdom’s positive economic growth would continue to accelerate in the near future.
“The capacity of the Cambodian people to understand and use technology, combined with the efforts of the government and private sectors to promote and attract investors to bring capital and purchase goods from Cambodia, will help increase international trade volume, especially exports, and generate higher revenue. Cambodia’s economy will continue to grow strongly in 2025,” he said.
An October 25 release from the Council of Ministers revealed that, based on assessments of the public financial framework for the medium term, Cambodia’s economy in 2025 is expected to grow at a rate of 6.3%. This growth rate is anticipated to be supported by key sectors, including industry (growth of 8.6%), services (growth of 5.6%) and agriculture (growth of 1.1%).
