Cambodia is a small, but rapidly developing country located in Southeast Asia. The country has a population of over 16 million people and a GDP of approximately $26 billion. Cambodia's economy is primarily driven by agriculture, textile manufacturing, tourism, and construction. The country has experienced strong economic growth in recent years, averaging around 7% annually, making it one of the fastest-growing economies in the region.
In terms of international trade, Cambodia has been actively engaging in trade agreements with various countries and regions to expand its export market and attract foreign investment. The country is a member of the ASEAN Free Trade Area, which has allowed for increased trade with other ASEAN member countries. Cambodia also benefits from preferential trade agreements with countries such as the United States, the European Union, and China, which have helped boost its export sector.
Cambodia's main exports include garments and textiles, footwear, rice, and electronics. Garments and textiles are the largest export sector in the country, accounting for a significant portion of its total exports. The country has a competitive advantage in these industries due to its low labour costs and skilled workforce. Other major export products include rice, which is one of the country's staple crops, and electronics, which have been growing in importance in recent years.
On the import side, Cambodia imports a variety of products including machinery, petroleum products, vehicles, and electronic goods. The country's main import partners include China, Thailand, and Vietnam. Cambodia relies heavily on imports to meet its domestic consumption needs, as its domestic production capacity is limited in certain sectors.
In recent years, Cambodia has been working to diversify its export base beyond garments and textiles to increase the resilience of its economy. The government has been implementing policies to attract investment in sectors such as agriculture, tourism, and manufacturing. This diversification strategy aims to reduce the country's reliance on a few key industries and create a more balanced and sustainable economy.
Overall, Cambodia's economy is on a growth trajectory, with a strong focus on expanding its international trade relationships and diversifying its export base. The country's strategic location in Southeast Asia and its favourable trade agreements make it an attractive destination for international trade and investment opportunities