Exports: Cambodia Nears US$17.1 Billion in the First Half of 2026

Cambodia confirms its accelerating integration into global value chains, driven by the United States, Vietnam and China — even as the import bill grows just as fast.

Double-Digit Growth That Shows No Sign of Slowing

Figures released on July 10 by the General Department of Customs and Excise (GDCE) confirm a trend that has held steady since January: Cambodia exported US$17.09 billion worth of goods between January and June 2026, up 19.5 percent from US$14.29 billion over the same period in 2025. This momentum extends a pattern seen month after month since the start of the year, with export growth never dipping below 17 percent.

Washington Remains the Kingdom's Top Customer

Unsurprisingly, the United States remains by far Cambodia's leading export destination, with US$7.17 billion in purchases over the half-year, or more than 42 percent of the country's total exports. Vietnam ranks as the second-largest partner, importing US$2.52 billion worth of Cambodian goods, followed by China (US$943.34 million), Japan (US$906.53 million) and Canada (US$634.02 million).

This heavy reliance on the American market is not without risk, as tariff discussions between Phnom Penh and Washington remain a point of close attention for Cambodian authorities and exporters' associations, particularly in the garment sector.

Garments Still Lead, Agriculture Gains Ground

The composition of Cambodia's export basket remains largely unchanged: garments, machinery and electrical equipment, footwear, leather goods, grain, furniture, rubber, fruits and vegetables, pearls, toys and textiles make up the bulk of shipments abroad. The garment, footwear and travel goods (GFT) sector continues to account for close to half of total exports.

But diversification is gaining traction. Rubber exports jumped more than 60 percent year-on-year in early 2026, and the cashew nut industry crossed the symbolic US$1 billion threshold for the first time in 2025 — a sign of growing local processing capacity for a crop that was long shipped raw to Vietnam.

Trade Agreements: The Acknowledged Engine of Growth

Lim Heng, Vice President of the Cambodia Chamber of Commerce, attributes this export performance to the Kingdom's deepening integration into international trade networks. He points to the Regional Comprehensive Economic Partnership (RCEP), as well as bilateral free trade agreements with China, South Korea and the United Arab Emirates, as key drivers offering preferential tariffs to "Made in Cambodia" products. He notes that the resilience of Cambodia's export sector remains notable despite continued global economic and security uncertainty.

At the Ministry of Commerce, spokesperson Penn Sovicheat offers a similar analysis, emphasizing the catalytic role these trade agreements play in supporting sustainable export growth.

Imports Growing Even Faster

The other side of the ledger tells a different story: Cambodia imported US$19.76 billion worth of goods in the first half of the year, up 21.4 percent year-on-year — a pace outstripping export growth. Refined petroleum, vehicles, electronics, medicines and supplements, consumer goods and food and beverages make up the bulk of the bill. The Kingdom's trade deficit is consequently widening slightly, a trend already visible over the first five months of the year.

A Trajectory Worth Watching

These results unfold against a mixed macroeconomic backdrop. In its June 2026 report on Cambodia, the World Bank projects real GDP growth of 3.9 percent this year, rebounding to 4.9 percent in 2027 — forecasts below the 4.8 percent recorded in 2025. The institution flags several vulnerabilities: inflation climbed to 5.8 percent in April, remittances have contracted following the return of nearly one million migrant workers from Thailand, and the real estate market remains sluggish.

Foreign direct investment, meanwhile, remains a solid pillar: it reached US$5.1 billion in 2025, helping create roughly 400,000 formal jobs — a figure the Kingdom's economic actors will be watching closely in the months ahead, as the second half of the year looms as a decisive test of whether this growth trajectory holds.