Cambodia’s GFT Exports See Strong Growth in First Five Months


Cambodia exported a total of US$4.9 billion worth of garment, footwear, and travel goods (GFT) in the first five months of 2024, a significant increase of 20 percent from US$4.1 billion recorded in the same period in 2023, according to a report from the Ministry of Commerce.

The report said the apparel and textile exported were valued at US$3.6 billion during the January-May period this year, up 22 percent from US$2.9 billion during the same period last year.

Footwear export rose by 10 percent from US$558 million to US$615 million, while travel goods export jumped by 18.8 percent to US$726 million, the same source pointed out.

H.E. Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce, attributed this growth to a rise in global demand for apparel and textile.

‘The growth in GTF export is a positive sign. This GFT industry has received purchase orders, showing the quality of our products which meets the demand in the foreign market,’ he said.

The garment, footwear and travel goo
ds industry is the Kingdom’s largest foreign exchange earner.

This growth aligns with predictions made by the World Bank, which has recently highlighted the GFT sector as a key driver of Cambodia’s economic expansion in 2024.

The World Bank anticipates Cambodia’s economy to grow by 5.8 percent, with a significant contribution coming from the rebound of GFT exports alongside the continued resilience of agricultural exports.

The sector currently consists of around 1,680 factories and branches, employing approximately 918,000 workers, mostly female, according to the Ministry of Labour and Vocational Training.

Source: Agence Kampuchea Presse

Cambodia’s Exports to RCEP Countries Up 12 Percent in First Five Months


Cambodia exported US$3.97 billion worth of goods to RCEP countries in the first five months of 2024, an increase of 12 percent from US$3.57 billion in the same period in 2023, a report from the Ministry of Commerce showed.

The country’s RCEP exports accounted for 39 percent of the Kingdom’s total trade of US$10.18 billion, it said.

The two-way trade between Cambodia and RCEP countries rose by 14.20 percent to US$14.17 billion, the source pointed out.

The Kingdom’s RCEP trade represented 65.57 percent of the country’s international trade of US$21.61 billion, read the report.

The RCEP free trade agreement entered into force on Jan. 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including the 10-member states of the Association of Southeast Asian Nations (ASEAN) – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

Cambodia enjoys preferent
ial tariffs on many exports, such as agricultural, processed and industrial goods. The Kingdom also benefits from the agreement, including the transfer of technology, knowledge, skills and new skills from foreign direct investment and creating new jobs as well.

RCEP has given a big impetus to Cambodia’s exports, contributing to the economic development of the country, H.E. Sok Siphana, Senior Minister in Charge of International and Multilateral Trade and Economic Relations, said previously.

‘RCEP has given a big market access to Cambodia’s products and is the source of the country’s sustainable economic development in years to come,’ he said.

Source: Agence Kampuchea Presse

Cambodia Exports US$308-million Car Tyres in First Five Months


Cambodia has exported US$308 million worth of car tyres in the first five months of this year, a significant increase by 204 percent compared to the US$101 million recorded during the same period in 2023, according to a report from the Ministry of Commerce.

This impressive growth is attributed to the increasing presence of car tyre factories in Cambodia, and reflects the diversification of the Kingdom’s exports to international markets, said H.E. Penn Sovicheat, Secretary of State and Spokesperson of the Ministry of Commerce.

‘Car tyre is a new exported product of Cambodia. This reflects the Cambodian government’s efforts to promote and expand exports to regional and global markets,’ he said.

“Opening a new market for tyre products is one of our steps to expand exports, while the tyre industry is one of potential industries in Cambodia,” the spokesperson underlined.

The country currently has three operational car tyre manufacturing facilities, in Svay Rieng, Preah Sihanouk, and Kratie provinces, while tw
o other tyre factory projects have received in-principle approval for investment in Cambodia

‘The export figures also show that the quality of Cambodia-made car tyres meets the demand in the foreign markets,’ he said.

Cambodia exported 69,322 tonnes of dry rubber in the first quarter of 2024, up 5.1 percent from 65,921 tonnes in the same period last year, pointed out a report of the General Directorate of Rubber.

The Kingdom exports the commodity mainly to Malaysia, Vietnam, Singapore, and China.

According to the report, Cambodia has so far planted rubber trees on a total area of 407,172 hectares, of which 320,184 hectares, or 79 percent, are old enough to be tapped.

Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia, has recently called on all tyre factories in the country to use domestic rubber as raw material, creating a market for rubber plantation farmers.

Source: Agence Kampuchea Presse

Cambodia Attracts US$246 Million Investment in May


Cambodia attracted fixed-asset investment of US$246 million in May, the Council for the Development of Cambodia (CDC) said in a news release on Monday.

CDC approved 25 investment projects in May which could create approximately 15,000 jobs, the CDC added.

The approved projects span various sectors, including manufacturing, tourism, agriculture, and special economic zones.

This diversification highlights Cambodia’s efforts to attract investment beyond its traditional garment industry, fostering a more robust and resilient economy.

‘In May, investment from China tops the list, accounting for almost 50 percent of the total investment capital, while 30 percent other is from domestic sources,’ CDC stated in the report.

The surge in investment approval is a positive sign for Cambodia’s economic growth, said Mr. Lim Heng, Vice-President of Cambodia Chamber of Commerce, stressing that it signifies investors’ confidence in the country’s political stability, improving infrastructure and skilled workforce.

‘Cambo
dia will be able to attract more investments as both local and foreign investors see the potential of the trade preference deals the country has signed; such as the RCEP, Cambodia-China FTA, Cambodia-Korea FTA as well as the implementation of the new investment law,’ he said.

Source: Agence Kampuchea Presse

Cambodia’s Rubber Export Valued at US$125 Million in First Four Months


Cambodia exported 85,428 tonnes of dry rubber in the first four months of 2024, an increase of 3.7 percent from 82,359 tonnes in the same period last year, a report of the General Directorate of Rubber at the Ministry of Agriculture, Forestry and Fisheries showed.

The Kingdom generated US$125 million from the dry rubber export from January to April 2024, up 7.4 percent from US$116.4 million recorded in the same period last year, it added.

Dry rubber costs averagely US$1,465 per tonne, US$51 higher than that during the first four months of 2023, stated the report.

The country exports the commodity mainly to Malaysia, Vietnam, Singapore, and China.

According to the report, Cambodia has so far planted rubber trees on a total area of 407,172 hectares, of which 320,184 hectares, or 79 percent, are old enough to be tapped.

Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia, has recently asked all tyre factories in the country to use domestic rubber as raw material inputs, creating a market for
rubber farmers.

The country’s tyre manufacturing sector has experienced massive growth in recent times, with three major players solidifying their presence, namely General Tires Technology (Cambodia) Co., Ltd., Sailun Group Co., Ltd., and Qingdao Doublestar Group.