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Cambodia's Export Value Surges by 22 Percent in Early 2024

Phnom Penh, March 12, 2024: The first two months of 2024 have witnessed a significant uptick in Cambodia's export endeavors, with the country registering a remarkable 22.7 percent surge in export value, totaling US$3,895 million, as per data released by the General Department of Customs and Excise under the Ministry of Economy and Finance. This surge denotes a robust beginning to the year compared to the same period in 2023.

Leading the ascent in Cambodia's export destinations are the United States and Vietnam, with exports valued at US$1,295 million and US$801 million, respectively. This translates to a 14.8 percent increase for the U.S. and an impressive 63.2 percent surge for Vietnam.

The spectrum of products driving this export surge encompasses pivotal sectors such as apparel, footwear, travel goods, bicycles, and various agricultural products including rice, rubber, cassava, bananas, and mangoes.

Speaking to the press last week, Penn Sovicheat, Secretary of State and Spokesperson of the Ministry of Commerce, shed light on Cambodia's resilient trade performance amidst global headwinds. "Despite prevailing geopolitical tensions and a downturn in global purchasing power, Cambodia has managed to sustain a steady influx of orders. While certain products witnessed a decline in orders, others experienced growth, thereby balancing the trade dynamics," he elucidated.

The garment, footwear, and travel goods sector remain pivotal to Cambodia's economy, contributing significantly to the country's foreign exchange earnings. This sector encompasses approximately 1,300 factories and branches, providing employment to around 840,000 workers, predominantly women, underscoring its pivotal role in the national economy.

In parallel with the surge in exports, Cambodia's imports also witnessed an uptick, rising by 16 percent to reach US$4,135 million. This harmonized growth in both imports and exports underscores the Kingdom's expanding trade footprint and its resilience in navigating global economic uncertainties.

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