Economy: Cambodia's exports to the European Union exceed 4 billion dollars

Cambodia has reached a remarkable milestone by achieving more than $4 billion in exports to the European Union in the first 11 months of 2024, which represents a substantial increase of more than 20% compared to the same period in 2023.

The total volume of trade between Cambodia and the EU reached around 4.9 billion dollars during this period

A report from the Ministry of Commerce indicates that from January to November 2024, the Kingdom's trade with the EU amounted to $4,887 million, an increase of 15.1% compared to 2023. Cambodia's exports to the EU amounted to $4,032 million, up 20.45 per cent, while imports from the EU amounted to $854 million, reflecting a decrease of 4.85 per cent.

Among the EU Member States, Spain has become the biggest buyer of Cambodian products, with 953 million dollars, a spectacular increase of 46.99%. Other major buyers are Germany with 828 million dollars (+11.56%), the Netherlands with 729 million dollars (+43.19%), France with 368 million dollars (+10.81%) and Belgium with 334 million dollars (-16.08%).

The Ministry of Commerce has taken proactive steps to strengthen trade relations with the EU, participating in key meetings such as the 12th Sub-Group on Trade and Investment (SGTI) under the Cambodia-EU Joint Committee (JC12).

This commitment has fostered cooperation in various sectors, including trade, investment and technical assistance.

On 19 December 2024, the United Nations General Assembly adopted a resolution for Cambodia's graduation from LDC status, a process that will take five years.

Cambodia's General Department of Customs and Excise released further trade statistics, indicating that total merchandise trade with the international market from January to November 2024 was $49.87 billion, an increase of 17.4% on the previous year. Exports reached 23.93 billion dollars, up 16.8%, while imports totalled 25.94 billion dollars, an increase of 17.9%.