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Cambodia Starts 2024 with Strong Export Growth

Phnom Penh: Cambodian exports saw a promising increase in January 2024, with a 27% rise compared to the same month last year. This positive news comes from a report by the General Department of Customs and Excise.

The United States remained the top export destination, with Cambodian exports valued at US$626 million, an 11% increase. Vietnam and China followed closely behind, with exports valued at US$373 million and US$121 million, respectively.

Garments, footwear, travel goods, bicycles, and agricultural products like rice, rubber, and bananas were among the main exports driving this growth. The garment, footwear, and travel goods industry, employing around 840,000 workers, is the largest contributor to Cambodia's foreign exchange earnings.

Trade agreements played a significant role in this upswing, according to Mr. Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce. He emphasized that these agreements not only boosted exports but also attracted new investments, furthering economic development.

While exports enjoyed a boom, total imports also rose by 8.7%, reaching US$2,090 million. Key imports included raw materials, construction materials, vehicles, pharmaceuticals, and agricultural inputs.

This positive start to the year indicates a promising outlook for Cambodia's export sector. With continued international partnerships and focus on key industries, Cambodia's economy stands to benefit from this export-driven growth.

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