Cambodia's Trade with ASEAN Grows to $15.69 Billion in 2024, Up 12.4%

Phnom Penh, Jan 21 (NationPress) Cambodia's trade volume with other ASEAN member nations surged to $15.69 billion in 2024, marking a 12.4 percent increase from the $13.96 billion recorded in the previous year, according to a report released by the Ministry of Commerce on Tuesday.

The kingdom's exports to ASEAN countries totaled $5.07 billion last year, reflecting a 7.6 percent rise from $4.71 billion the year prior, the report indicated.

In contrast, Cambodia's imports from ASEAN nations reached $10.62 billion, a 14.8 percent increase from $9.25 billion, the report noted.

Trade with ASEAN accounted for 28.3 percent of Cambodia's overall trade volume of $55.3 billion in 2024, the report disclosed.

The top five partners for Cambodia in ASEAN during this period were Vietnam, Thailand, Singapore, Indonesia, and Malaysia, as reported by Xinhua news agency.

Cambodian Prime Minister Hun Manet emphasized that the country is a dynamic participant within ASEAN, stating that made-in-Cambodia products like garments and bicycles are recognized throughout ASEAN and globally for their quality and competitive pricing.

Hun Manet remarked, "Cambodia's strategic involvement in major regional and global trade agreements, including ASEAN and the World Trade Organization (WTO), enhances its integration within the evolving global market."

ASEAN consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Furthermore, Cambodia's exports of garments, textiles, footwear, and travel goods reached $13.92 billion in 2024, showing a 23 percent increase from the previous year, as stated by the ministry.

Garment exports alone amounted to $9.79 billion last year, indicating a year-on-year rise of 24 percent, according to the report, which also highlighted $499 million worth of textiles being shipped internationally, up 17 percent.

Additionally, exports of footwear stood at $1.68 billion, up 23 percent, while travel goods worth $1.95 billion were sold to global markets, reflecting a 19.6 percent increase, the report added.

Hoe Ee Khor, chief economist at the ASEAN+3 Macroeconomic Research Office (AMRO), noted that the garment, footwear, and travel goods sectors are crucial for Cambodia's economic growth.

"The recovery in these sectors was consistent in 2024, driven by heightened demand for consumer goods in major advanced markets," he shared with Xinhua in a recent email.

This industry serves as the largest foreign exchange contributor for Cambodia.

Currently, the sector comprises approximately 1,538 factories and branches, employing around 913,000 workers, predominantly women, according to the latest report from the Ministry of Labor and Vocational Training.