Cambodia's Financial Environment

The Highlights of the Week 2024/03/04 - 03/07

1.    Cambodia’s exports on the rise despite weakening global demand, says MoC
A senior official from the Cambodian Ministry of Commerce stated that despite slowing global demand and war crises, Cambodia's exports to foreign markets continue to maintain stable growth. Customs data showed that in January 2024, Cambodia's exports reached $1.967 billion, a 27% growth compared to the same period in 2023. Penn Sovicheat, Secretary of State at the Ministry of Commerce, stated, "Cambodia's trade with RCEP countries has demonstrated strong momentum in export growth, bringing significant benefits to the Cambodian economy." The ministry's report indicated that Cambodia's trade with RCEP member countries in January amounted to $2.74 billion, a 21.2% increase year-on-year. The report stated that in January this year, Cambodia's trade with other RCEP member countries accounted for 67.6% of Cambodia's total trade, totaling $4.05 billion.

In 2023, bilateral trade between Cambodia and RCEP countries decreased by 5.07% to $29.45 billion. Export conditions were not fully recovered last year due to economic conditions, but the recovery in January this year appears to be better than last year. The IMF, NBC, and the Cambodian Ministry of Economy and Finance have all forecasted GDP growth rates of over 6% for Cambodia this year, leading to strong confidence in Cambodia's growth prospects among various sectors.