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In 2024, a real jubilation is expected for trade between the Cambodia and theEuropean Union. Forecasts indicate a significant increase of trade, marked by an impressive jump in Cambodian exports. This economic dynamism illustrates not only the growing competitiveness of Cambodian products, but also the renewed interest of European markets for these varied goods, ranging from textiles to food products. The promising development of this commercial relationship will not fail to capture the attention of economic and political actors in both regions.
Trade between Cambodia and theEuropean Union promises to be in full swing for the year 2024. With an increase in Cambodian exports towards the EU reaching 4.41 billion dollars, an increase of 20.34% compared to the previous year, this development takes place in a favorable context. All eyes are on this promising partnership which could transform trade and strengthen economic ties between these regions.
Breathtaking numbers
Statistics provided by the Ministry of Commerce highlight a marked increase in trade. Indeed, Cambodia exported $4.41 billion worth of goods to the European Union in 2024, representing a significant improvement compared to $3.66 billion the previous year. This expansion of exports is anything but negligible, illustrating the growing competitiveness of Cambodian products on the European market.
On the other hand, it should be noted that the imports from the EU fell slightly, recording a drop of 3.3% to $917 million. Despite this decrease, the total volume of commercial exchanges between Cambodia and the EU increased by 15.47%, for a total of $5.32 billion. This phenomenon testifies to a certain dynamism in commercial relations.
The essential business partners
Among the main nations trading with Cambodia,Germany and theSpain stand out as the main players. In 2024, Spain recorded trade reaching $1.041 billion, while Germany contributed $911 million of this total. Other European countries, such as France, there Belgium and the The Netherlands, also add their stone to the building, by contributing to Cambodian exports.
The advantages of the Everything But Arms preferential regime
A decisive factor in this export dynamic is the preferential regime Everything But Arms, which grants Cambodian goods duty-free access to the EU. This has considerably facilitated exports, particularly in the sectors of textile, from the shoe, of the bicycles and agricultural products. Thanks to this initiative, Cambodian products benefit from increased competitiveness on the European market.
According to Penn Sovicheat, the Secretary of State at the Ministry of Commerce, this significant increase in exports testifies not only to the competitiveness Cambodian products, but also their ability to meet growing European demand. It is a wind of change that is sweeping the commercial landscape, with ever more promising prospects.
A vision towards the future
The forecasts for the future therefore seem very encouraging. With this progress, Cambodia can plan towards solid economic development, built on the foundations of strategic partnerships and flourishing trade. Trade shows no signs of slowing, indicating an upward trend that could redefine commercial interaction between Southeast Asia and Europe.
To learn more about the expansion of Cambodian trade, you can read the following articles: Cambodia-EU trade – Sharp increase in 2024, Vietnam-India strategic partnership, And Volume of international trade on the rise.
FAQ on Trade between Cambodia and the European Union in 2024
What are Cambodian exports to the European Union in 2024? Cambodian exports to the European Union reach $4.41 billion in 2024, marking an increase of 20.34% from the previous year.
What is the impact of imports from the EU? Imports from the EU decreased slightly by 3.3%, amounting to $917 million compared to $949 million in 2023.
What is the total volume of trade between Cambodia and the EU? Bilateral trade between Cambodia and the European Union grew by 15.47%, reaching a total volume of $5.32 billion.
Which European countries are Cambodia’s main trading partners? Germany and Spain are the main trading partners, with trade of $911 million and $1.041 billion, respectively.
What types of products does Cambodia export to the EU? The main exports are items such as textiles, shoes, bicycles, food products and husked rice, benefiting from the preferential regime Everything But Arms.
What is the role of the Everything But Arms preferential regime? This regime allows Cambodian products to access the European market without customs duties, thus promoting export competitiveness.
What share of Cambodia’s total trade is represented by trade with the EU? Trade with the EU represents 9.62% of Cambodia’s total trade, estimated at $55.37 billion in 2024.