Phnom Penh, Jan 21 (IANS) – Cambodia’s trade volume with its ASEAN (Association of Southeast Asian Nations) neighbors reached $15.69 billion in 2024, marking a 12.4% increase from $13.96 billion in 2023, according to a Ministry of Commerce report released on Tuesday.
The kingdom’s exports to ASEAN countries totaled $5.07 billion, up 7.6% from $4.71 billion the previous year. Meanwhile, Cambodia’s imports from its ASEAN partners rose 14.8%, reaching $10.62 billion, compared to $9.25 billion in 2023.
Trade with ASEAN countries now represents 28.3% of Cambodia’s total trade volume, which amounted to $55.3 billion in 2024. The nation’s top five ASEAN trade partners during this period were Vietnam, Thailand, Singapore, Indonesia, and Malaysia.
Prime Minister Hun Manet highlighted Cambodia’s role as an active member of ASEAN, noting that the country’s products, such as garments and bicycles, are gaining recognition for their quality and competitive pricing both within the ASEAN region and globally. “Cambodia’s strategic position in key trade agreements, including ASEAN and the World Trade Organization (WTO), strengthens its role in the global marketplace,” he said.
ASEAN, which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, remains a crucial trade bloc for Cambodia.
In addition to regional trade growth, Cambodia saw a strong performance in its export of garments, textiles, footwear, and travel goods. These sectors collectively earned $13.92 billion in 2024, up 23% from the previous year. Garments alone accounted for $9.79 billion, a 24% increase, while textiles contributed $499 million (17% growth), footwear exports reached $1.68 billion (23% growth), and travel goods totaled $1.95 billion (19.6% increase).
According to Hoe Ee Khor, Chief Economist at the ASEAN+3 Macroeconomic Research Office (AMRO), Cambodia’s garment, footwear, and travel goods industries continue to be key drivers of economic growth. “The sector has rebounded strongly in 2024, supported by rising demand for consumer goods in advanced markets,” Khor noted.
These industries remain Cambodia’s largest foreign exchange earners and employ nearly 913,000 workers, mostly women, across 1,538 factories and branches, according to the Ministry of Labor and Vocational Training.
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