Cambodia 2024 Economic Data In Review
We review the economic data sets for 2024 as relevant Cambodian government ministries and relevant associations release the official reports on trade, investment and sectors. We look at how the Southeast Asian country performed in 2024 within the four key economic sectors of manufacturing, agriculture, tourism, and construction & property and any other key data.
We will update this article as more information is officially released.
Economic Growth in Cambodia 2024
Official GDP growth figures for 2024 are yet to be released but recent statements from the Cambodia government suggested Cambodia reached approximately 5.3 per cent growth in 2024. They foresee optimistic growth projections, forecasting an economic growth rate of approximately 6.3 per cent in 2025 according to the Budget in Brief report for the Fiscal Year 2025 released by the Ministry of Economy and Finance (MEF).
The World Bank had previously anticipated growth of 6.1 per cent in 2025 and 6.4 per cent in 2026 for Cambodia, but their latest Global Economic Prospects report now forecasts Cambodia’s GDP growth at 5.5 per cent in 2025 and 2026. The Asian Development Bank predicts a 6 per cent growth rate for Cambodia in 2025
- Gross Domestic Product (GDP) is expected to reach approximately US $51.39 billion in 2025
- GDP per capita is anticipated to reach US $2,924 in 2025
- The annual inflation rate is projected to be around 2.5 per cent by 2025
- The Cambodia Industrial sector is projected to grow 8.6 per cent in 2025
- The Services sector is projected to grow by 5.6 per cent in 2025
- The agricultural sector is projected to grow by 1.1 per cent in 2025
Interestingly, Kampong Cham provincial economy grew by as much as 8.6 per cent in 2024 and reached US $2.65 billion. This was driven by the agricultural, industrial, and service sectors, according to a report by Un Chanda, Governor of Kampong Cham Province.
He added that in 2025, Kampong Cham is projected to achieve an economic size of US $2.867 billion and a GDP per capita of US $2,478 per year.
Foreign & Domestic Direct Investment
In total, there was US $6.9 fixed-asset investment capital in Cambodia during 2024 which was an increase of 54 per cent compared to 2023 (which saw 268 projects). 414 investment projects were approved which are estimated to create approximately 320,000 jobs.
These approved projects ranged from the garment, travel goods, and footwear sectors, hotel development, hydroelectric power stations, freshwater ports, solar power plants, agriculture, amusement parks, car tyre plants, special economic zones, infrastructure, telecommunications etc.
China remained Cambodia’s largest source of foreign investment and accounted for almost half of the total investment in 2024 valued at $3.43 billion, reported the Council for the Development of Cambodia (CDC). even though the leader in Cambodian investment, in actual terms there was a 16.2 per cent decline compared to 66 per cent dominance in 2023.
Domestic and Vietnamese investments rounded out the top three and other foreign investors included South Korea, Singapore, Japan, Malaysia, Thailand, Canada, and the United Kingdom.
- China: US $3.43 billion (49.83 per cent)
- Domestic: 33.81 per cent
- Vietnam: 8.11 per cent
Chea Vuthy, secretary general of the CDC's Cambodian Investment Board said ten projects were to establish special economic zones (SEZ) with a combined capital of about US $850 million dollars.
- Industrial sector - attracted 394 projects valued at US $4.8 billion in investment
- Agriculture and agro-industry sectors - 8 projects with a total budget of over US $121 million
- Tourism sector - 4 projects with an investment capital of US $738 million
- Infrastructure and other sectors - 8 projects with a combined investment capital of around US $1.3 billion.
Cambodia has been ranked as one of the top 20 priority destinations (13th) for investment or business development by US and European foreign investors according to a survey from Standard Chartered.
Cambodia Manufacturing & Trade 2024
Cambodia’s exports rose by 16.9 per cent in 2024 with a value of US $26 billion according to the General Department of Customs and Excise of Cambodia (GDCE). The total value of exports in 2023 was valued at US $22.64 billion.
The United States was once again the biggest market for made-in-Cambodia products - the main export products from Cambodia were garments, machinery, electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles. More than half came from garments, footwear and travel goods (GFT) goods.
The value of trade between Cambodia and China reached (what some reported) a record high of over US $15.19 billion in 2024. The General Department of Customs and Excise of Cambodia (GDCE) showed that in 2024 imports were valued at $13.44 billion, an increase of 24.6 per cent, while Cambodian exports to China totalled $1.75 billion, a rise of 18.4 per cent compared to 2023.
Exports to China consisted of agricultural products, furniture, jewellery and garments. Imports from China included raw materials for factories, daily consumer products, food and beverages, vehicles, machinery, construction materials, electronics, pharmaceuticals and agricultural products.
Cambodia’s trade with the Regional Comprehensive Economic Partnership (RCEP) member countries was valued at US $34.52 billion in 2024, which was a 17.7 per cent increase from 2023. Exports were valued at US $9.06 billion (an increase of nearly 13 per cent, while imports were worth US $25.46 billion (an increase of 19.6 per cent) , confirmed the General Department of Customs and Excise.
In ASEAN, Cambodia’s trade with Singapore saw an increase of 101 per cent to reach US $103 million in 2024, while imports decreased by 7.8 per cent to reach US $798 million. Bilateral trade between the two ASEAN nations was down by 1.7 per cent overall
Spain took over from Germany as a major market in Europe for exports from the Kingdom.
In the same period, US $28.54 billion worth of goods were imported which reflected an 18 per cent increase and the major imported goods included medicines and supplements, consumables and food and beverages.
The total trade volume of $54.74 billion, is a 16 percent increase from the $46.82 billion recorded in 2023.
Key Export Markets:
(The top five trading partners under the RCEP are China, Vietnam, Thailand, Japan, and Singapore)
- United States - US $9.91 billion (increase of 11.4 per cent)
- Vietnam - US $3.61 billion
- China - US $1.75 billion
- Japan - US $1.4 billion
See more in our article Cambodia's Manufacturing Sector: Opportunities And Challenges In 2024
Garments, Footwear and Travel goods (GFT)
Cambodia’s exports of garments, footwear and travel goods (GFT) generated US $13.74 billion in 2024, which represents an increase of 23.78 per cent compared to 2023 reported the (GDCE). This is a key turnaround as the sector had declined for nearly 18 months from mid-2022 till the end of 2023.
During and following the pandemic were some lean years. In 2022, Cambodia's GFT sector experienced significant growth, generating approximately US $12.7 billion in export revenue which was the 14th largest exporter globally and the 3rd largest within the ASEAN region.
With 52.46 per cent of Cambodia’s total export earnings in 2024 coming from GFT goods - the manufacturing sector remains a key pillar of the Kingdom’s economy.
- Knitted apparel articles and clothing accessories - US $6.63 billion (21.2 per cent growth)
- Non-knitted apparel articles - US $3.15 billion (31.9 per cent growth).
- Leather and travel goods- US $2.05 billion (20.4 per cent growth)
- Footwear - US $1.68 billion (23.1 per cent growth)
- Car tyres - US $874.6 (129.7 per cent growth)
- Bicycles (including electric bicycles) - US $426.9 million (12.8 per cent decline)
The outlook for 2025 remains positive according to local experts as it is expected the market will show a similar upward trajectory due to factors such as firms repositioning from Myanmar, other geopolitical situations being seen as an advantage for Cambodia, and US President-elect Donald Trump’s potential tariffs on made-in-China exports benefitting Cambodia.
Challenges for the sector come in the form of increasing competition in the region, the non-renewal of the Generalised System of Preferences by the US and the reduction in Everything But Arms benefits offered by the EU for exports from Cambodia.
Phnom Penh Autonomous Port (PPAP)
The Phnom Penh Autonomous Port (PPAP) is the second largest port in Cambodia and its operator announced increased business activity compared to 2023. A January 16 2025 statement from the PPAP reported for the year (unaudited financials) were over US $41 million which was a 20+ per cent increase on 2023.
- The number of cargo vessels that passed through the port was 4,894 (an increase of 26.82 per cent
- The number of containers passed was 480,200 TEUs (an increase of 21.19 per cent)
- Cargo and gas-fuel shipments reached 4,806,654 tonnes (an increase of 15.91 per cent)
- The number of passenger vessels passing through the PPAP was 708 (an increase of 24.87%
- The number of passengers passing through the port was 36,150 (an increase of by 43 per cent)
Tourism in Cambodia 2024
The Ministry of Tourism (MoT) confirmed that the total number of international tourists in 2024 was 6.7 which was a 23 per cent increase compared to 2023, it still beats the record number achieved pre-pandemic in 2019 of 6.6 million
In 2023, Cambodia welcomed 5.45 million international tourists, and in 2022, 2.27 million visitors were recorded.
Although the MoT had presented the data, the information based on VINCI Airports data and those visiting Angor Wat show lower numbers than in 2019 - whether this is an anomaly, or more visitors crossing the land border is hard to ascertain.
In 2024, most international tourists came from Thailand, Vietnam, China, Laos, and the United States, as well as other countries in Europe.
Cambodia aims to welcome approximately 7 million international tourists in 2025. The visa fees have been reduced slightly, the arrival process has been digitised and streamlined and international sea and airports are due to come online in the calendar year.
2024 Agricultural Sector Production In Cambodia
The Cambodian agriculture sector produced a total volume of 39 million tonnes of crop production in 2024, which represented an increase of 7.4 per cent from 36.3 million tonnes in 2023.
The Ministry of Agriculture, Forestry, and Fisheries report stated that nearly one-third (11.66 tonnes) were exported abroad which was a slight 3.21 per cent increase from 2023. This resulted in total earnings of US $4,792 billion. The main products Cambodia exported were rice, bananas, mangoes, cassava, cashew nuts, corn, palm oil, pepper and tobacco - which is similar to previous years.
The main importers of Cambodian agricultural products in 2024 were China, the European Union, Vietnam and Thailand.
In 2025, the priority is to increase the quality of production for the market and reduce production costs. As part of a national government strategy and policy for agricultural development, 250 agricultural officials have been deployed which is targeted to increase to 1,300 in 2025 in communes nationwide.
Rice Exports Saw Slight Downturn in 2024
Cambodia exported 651,522 tonnes of milled rice in 2024, generating a total revenue of US $491 million, as well as 5,180,155 tonnes of wet paddy rice was exported generating approximately US $1.496 billion reported the Cambodia Rice Federation (CRF) and China was still one of the main importers.
The total exports were a downturn of around 1 per cent compared to 2023, with transportation challenges to Europe cited as one reason.
- In total, 57 companies shipped milled rice to 68 countries and regions in 2024 the news release said.
- 117,925 tonnes of milled rice was exported to China earning US $75.6 million in revenue
Exported Milled Rice Varieties
- Fragrant rice - 76.15 per cent
- White rice - 18.7 per cent
- Parboiled rice - 3.1 per cent
- Organic rice - 1.78 per cent
- Other types - 0.27 per cent
Construction & Property in Cambodia 2024
Final economic data for the construction and real estate sector in Cambodia for 2024 are still to be released, but the sector continues to face challenges. Approved investment projects fell to around 2,190 projects with a value of around US $4 billion by the start of Q4 2024.
The Ministry of Land Management, Urban Planning, and Construction (MLMUPC) expects the total for 2024 to be around 2,600 investment projects in the construction sector which combined cover an area of more than 10 million square meters. The total investment in these is in the region of US $4.33 billion.
- CBRE reported at the start of January 2025 that Cambodian office occupancy rates were estimated at 65.1 per cent, while retail spaces had an occupancy rate of 61.8 per cent.
- 3,200 condominium units were launched in 2024.
- 240 serviced apartments were completed in Cambodia in 2024.
One report suggested that Cambodia’s construction industry could increase by 7.3 per cent a year from 2026-2028 but this was based in the large infrastructure projects proceeding and on time. Most industry experts anticipate that there will be challenges in 2025 too.
Mining in Cambodia
The total data for 2024 are still to be released, but between January and November 2024, Cambodia produced 12,558kg of dore bars with 90 per cent gold solution - mainly in the northeastern province of Mondulkiri according to the Ministry of Mines and Energy (MME).
- Renaissance Minerals Company - produced 807 gold bars with a total weight of 12,5 kg
- Rong Cheng Company - produced 12 gold bars with a weight of about 22 kg
In 2023, The Ministry of Mines and Energy reported that the mining sector has contributed royalties from all registered mine activities of more than USD $50 million. In 2023 there were thought to be six mining companies in operation but the MME reported that there were 10 companies refining gold in 2024.
Cambodia Securities Exchange (CSX) 2024 Challenges
A CSX report providing a review of the 2024 market indicated that its ambitious growth target of 100,000 trading accounts in 2024, up from the approximately 49,000 recorded at the end of 2023, fell short and reached 58,394 active trading accounts by the end of 2024.
- CSX index fell by 12.68 per cent in 2024.
- The average daily trading value exceeded KHR 535 million (approximately US $133,963), reflecting a 35 per cent decline from 2023.
- There has been a noticeable gradual increase in local investor participation.
- Two new bond-listed companies joined CSX in 2024 - Royal Group Phnom Penh SEZ, and Telcotech.
The Cambodia Securities Exchange (CSX) has stated that 2025 should offer good opportunities for investors and anticipates at least three companies will list equities, and four companies will offer debt securities in 2025.