Phnom Penh, Jan 21 (IANS) Cambodia’s trade volume with its fellow ASEAN member states reached $15.69 billion in 2024, up 12.4 per cent from 13.96 billion dollars in the year before, said a Ministry of Commerce’s report on Tuesday.
The kingdom exported products total worth 5.07 billion dollars to other ASEAN (the Association of Southeast Asian Nations) countries last year, up 7.6 per cent from 4.71 billion dollars a year earlier, the report said.
Meanwhile, the country’s total import from its fellow ASEAN countries amounted to 10.62 billion dollars, up 14.8 per cent from 9.25 billion dollars, it added.
Cambodia’s trade volume with the ASEAN accounted for 28.3 per cent of the kingdom’s total trade volume of 55.3 billion dollars in 2024, the report said.
Cambodia’s top five trading partners in ASEAN during the above-mentioned period were Vietnam, Thailand, Singapore, Indonesia and Malaysia, Xinhua news agency reported.
Cambodian Prime Minister Hun Manet has said that the country stood as a vibrant partner within the ASEAN, adding that made-in-Cambodia products, such as garments and bicycles, were recognised in ASEAN and worldwide for their quality and competitive pricing.
“Cambodia’s strategic membership in key regional and global trade agreements, including ASEAN and the World Trade Organization (WTO), positions it as a highly integrated player within the dynamic global market,” he said.
ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Additionally, Cambodia exported garments, textiles, footwear and travel goods worth $13.92 billion in 2024, up 23 per cent over a year earlier, the ministry said.
Garments exports stood at 9.79 billion dollars last year, a year-on-year increase of 24 per cent, the report said, adding that textiles worth 499 million dollars were shipped to international markets, up 17 per cent.
Also, 1.68 billion dollars worth of footwear was exported, up 23 per cent, while travel goods equivalent to 1.95 billion dollars were sold to international markets, up 19.6 per cent, the report added.
Hoe Ee Khor, chief economist of the ASEAN+3 Macroeconomic Research Office (AMRO), said the garment, footwear and travel goods sector remained one of the key drivers for Cambodia’s economic growth.
“Growth in the sector rebounded steadily in 2024, driven by stronger demand for consumer goods in major advanced markets,” he wrote to Xinhua in a recent e-mail.
The industry is the largest foreign exchange earner for the Southeast Asian country.
The sector currently consists of about 1,538 factories and branches, employing approximately 913,000 workers, mostly women, according to the Ministry of Labor and Vocational Training’s latest report.
–IANS
int/sd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
