Cambodia’s trade with ASEAN Soars to $15.69 Billion in 2024, Marking a 12.4% Increase
PHNOM PENH,Jan. 21 (Xinhua) — Cambodia’s trade with its fellow ASEAN member states surged to $15.69 billion in 2024,a 12.4% increase from $13.96 billion the previous year, according to a report released by the Ministry of Commerce on Tuesday. This growth underscores the kingdom’s deepening economic integration within the region.
The report revealed that Cambodia exported goods worth $5.07 billion to other ASEAN countries, a 7.6% rise from $4.71 billion in 2023. Simultaneously occurring, imports from ASEAN nations climbed to $10.62 billion, up 14.8% from $9.25 billion. This trade volume accounted for 28.3% of Cambodia’s total trade, which stood at $55.3 billion in 2024.
Vietnam, Thailand, Singapore, Indonesia, and Malaysia emerged as Cambodia’s top five trading partners within ASEAN. These nations have played a pivotal role in fostering Cambodia’s economic growth, especially in sectors like garments and bicycles, which are globally recognized for their quality and competitive pricing.
Cambodian Prime Minister Hun Manet emphasized the kingdom’s strategic position within ASEAN and the global market. “Cambodia’s strategic membership in key regional and global trade agreements, including ASEAN and the World Trade Association (WTO), positions it as a highly integrated player within the dynamic global market,” he said.
ASEAN, comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, continues to be a cornerstone of Cambodia’s economic strategy. The kingdom’s vibrant partnership within the bloc has not only boosted its trade but also enhanced its global standing.
Key Highlights of Cambodia’s Trade with ASEAN in 2024
| Metric | 2024 | 2023 | Change |
|————————–|——————-|——————-|——————-|
| Total trade Volume | $15.69 billion | $13.96 billion | +12.4% |
| Exports to ASEAN | $5.07 billion | $4.71 billion | +7.6% |
| Imports from ASEAN | $10.62 billion | $9.25 billion | +14.8% |
| Share of Total Trade | 28.3% | – | – |
This robust trade performance highlights Cambodia’s growing influence within ASEAN and its ability to leverage regional partnerships for economic advancement. As the kingdom continues to strengthen its trade networks, its role as a key player in the global market is set to expand further.
For more insights into Cambodia’s economic strategies and trade dynamics, explore how the country is enhancing its reporting skills to better communicate its progress on the global stage.
Headline:
Navigating Cambodia’s Trade Horizon: An Interview with Dr. Munyrath seng, ASEAN Economic Expert
Introduction:
In the wake of Cambodia’s robust trade performance within ASEAN, World Today News brings you an exclusive interview with Dr. Munyrath Seng, a renowned economist and ASEAN economic integration expert. With Cambodia’s trade with ASEAN member states surging by 12.4% to reach $15.69 billion in 2024,we delve into the factors driving this growth and discuss the kingdom’s strategic position in the global market.
Interview:
Senior editor (SE): Dr. Seng, thank you for joining us today. let’s start with the broad picture. How would you assess Cambodia’s trade performance within ASEAN in 2024?
Dr. Munyrath seng (MS): Thank you for having me. Cambodia’s trade performance with ASEAN in 2024 has been nothing short of remarkable. The 12.4% increase in total trade volume, coupled with a significant rise in exports and imports, underscores the kingdom’s deepening economic integration within the region.
SE: What factors, in your opinion, contributed to this growth?
MS: Several factors have contributed to this growth. Firstly,cambodia’s strategic location and membership in key regional and global trade agreements have positioned it as a hub for international trade. Secondly, the kingdom’s commitment to diversifying its economy has led to an increase in exports, particularly in sectors like garments and bicycles. Lastly, the robust growth of Cambodia’s top trading partners within ASEAN, such as Vietnam, Thailand, and Singapore, has also driven this growth.
SE: Speaking of Cambodia’s top trading partners, how have these countries supported Cambodia’s economic growth?
MS: These countries have played a pivotal role in fostering Cambodia’s economic growth.They have not only been significant markets for Cambodian exports but also crucial sources of foreign direct investment. As an example, Thai and Vietnamese investments in Cambodia’s Special Economic Zones have created jobs and stimulated economic activity.Moreover, these countries have facilitated technology and skills transfer, which has enhanced Cambodia’s competitiveness in the global market.
SE: How does Cambodia’s trade with ASEAN compare to its overall trade picture?
MS: In 2024, ASEAN accounted for 28.3% of Cambodia’s total trade. This is a significant share, reflecting the bloc’s importance in Cambodia’s economic strategy. Though, it’s also vital to note that Cambodia is diversifying its trade portfolio.Such as, the European Union and the United States are also major trading partners. Thus, while ASEAN is a cornerstone of Cambodia’s trade, it’s not the only player.
SE: Looking ahead,what challenges might Cambodia face in sustaining this trade growth? And how can the kingdom overcome them?
MS: To sustain this growth,Cambodia will need to address several challenges. These include enhancing its infrastructure to facilitate trade, improving its business environment to boost competitiveness, and promoting further integration with the global value chain. To overcome these challenges, Cambodia should continue prioritizing investments in these areas, fostering regional and global partnerships, and leveraging regional and international organizations like ASEAN and the WTO.
SE: Dr. Seng, thank you for sharing your insights. It’s been a pleasure speaking with you.
MS: My pleasure. Thank you for the opportunity.
