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Cambodia's Exports to EU Surge Past $4 Billion, Signaling Robust Trade Growth

  • Posted Dec 25, 2024 12:39 by EAC News
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Phnom Penh: Cambodia has achieved a remarkable milestone, collecting over $4 billion from exports to the European Union in the first 11 months of 2024, representing a substantial increase of more than 20 percent compared to the same period last year. The total trade volume between Cambodia and the EU reached approximately $4.9 billion during this timeframe.

A summary report from the Ministry of Commerce on 2024 trade results, along with targets for 2025, indicates that from January to November 2024, Cambodia's trade with the EU totaled $4,887 million, marking a 15.1 percent rise from 2023. Exports from Cambodia to the EU amounted to $4,032 million, up 20.45 percent, while imports from the EU were $854 million, reflecting a decline of 4.85 percent.

Among EU member states, Spain emerged as the largest buyer of Cambodian goods, purchasing $953 million worth, an impressive increase of 46.99 percent. Other notable purchasers include Germany with $828 million (up 11.56 percent), the Netherlands at $729 million (up 43.19 percent), France with $368 million (up 10.81 percent), and Belgium at $334 million (down 16.08 percent).

The Ministry of Commerce has taken proactive steps to enhance trade relations with the EU, participating in significant meetings, such as the 12th Subgroup on Trade and Investment (SGTI) under the Cambodia-EU Joint Committee (JC12). This engagement has fostered cooperation in various sectors, including trade, investment, and technical assistance.

On December 19, 2024, the United Nations General Assembly adopted a resolution for Cambodia's graduation from LDC status, a process that will take five years to complete.

On December 21, 2024, Cambodia announced the number of containers passing through the Sihanoukville Autonomous Port has reached a record high of 1 million Twenty-foot Equivalent Units (TEUs), reflecting a remarkable increase of over 29%.

In further trade statistics, the General Department of Customs and Excise of Cambodia reported that the total trade in goods with the international market from January to November 2024 was $49.87 billion, a 17.4 percent increase compared to the previous year. Exports reached $23.93 billion, up 16.8 percent, while imports totaled $25.94 billion, an increase of 17.9 percent.

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