ASEANEWS-BIZ | Business: Cambodia-ASEAN trade volume reaches $14B

Trade volume between Cambodia and ASEAN member countries reached $14.3 billion during the first eleven months of 2024, reflecting a 12.8 percent increase compared to $12.68 billion during the same period last year.

According to a report from the Ministry of Commerce, Cambodia exported goods worth $4.62 billion to ASEAN countries between January and November this year, marking an 8.9 percent rise from $4.24 billion during the same period in 2023.

Meanwhile, Cambodia’s imports from ASEAN countries totalled $9.68 billion, representing a 14.8 percent growth from approximately $8.44 billion last year.

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Vietnam, Thailand, Singapore, Indonesia and Malaysia were identified as Cambodia’s top five trading partners within ASEAN during this period.

Lim Heng, Vice President of the Cambodia Chamber of Commerce (CCC), highlighted that Cambodia has consistently exported various agricultural products, including rice, cassava, corn, and rubber, to ASEAN countries, particularly Thailand and Vietnam.

At the same time, the Kingdom primarily imports consumer goods, food and beverages, and construction materials, he added.

“Although our country can process some consumer goods, our production capacity remains limited, necessitating significant imports, especially from neighboring countries,” Heng said.

“We encourage more foreign investors to invest in the processing industry to enhance domestic production capacity and improve the quality of locally produced goods.

 

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“This will not only allow us to compete with imported products but also bolster exports,” he added.

Addressing the Networking Breakfast Session of the ASEAN Business & Investment Summit (ABIS) 2024 on October 10 this year, in Vientiane, Lao PDR, Prime Minister Hun Manet called on ASEAN to maintain a just and inclusive multilateral trading system and to broaden trade cooperation with its partners.

He emphasized that ASEAN should remain committed to a multilateral trading system that is free, open, inclusive, fair, and transparent.

Mr Hun Manet also urged ASEAN to strengthen trade cooperation both within the region and with its external partners.

To remain a driving force for global prosperity, the Premier emphasized that ASEAN should capitalise on the vast potential of emerging sectors, including the digital economy, green transition, blue economy, and resilient supply chains. This approach will enable the region to sustain robust and enduring growth.

 

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ASEAN is a regional organization comprising 10 member states: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Additionally, Timor-Leste currently holds observer status and is working towards full ASEAN membership.

Cambodia continues to support Timor-Leste’s efforts to become a full member of ASEAN, recognizing the country’s significant potential and value to the regional organization.

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