In the first half of this year, Cambodia's exports of machinery, electronics and auto parts worth nearly 1.6 billion USD increased sharply
Cambodia exports 1.58 billion USD worth of machinery, electrical equipment, spare parts, and electronics in the first half of 2023, an increase of 108.7% compared to the same period last year. This is according to data from the General Department of Customs and Excise of Cambodia. The non-garment manufacturing sector continued to maintain strong growth due to the high potential of export-oriented production, while production for the domestic market continued to improve. Cambodia has shown significant positive signs of diversifying its exports in addition to garments to create a stronger economic base and higher value-added. The government aims to turn Cambodia into a high-middle-income country by 2030 and a high-income country by 2050. To achieve this ambition, Cambodia needs to have a strong economic base and turn to producing high-value-added goods. The automotive and electronics sectors have been selected and identified as priority sectors to contribute to the recovery of the Cambodian economy after the Kovid-19 crisis and to promote long-term economic growth, as well as modernization and diversification in line with the "Cambodia Industrial Development Policy 2015-2025."The Royal Government of Cambodia is currently drafting a roadmap for the development of its automotive and electronics sectors, which is expected to increase exports by more than $ 2 billion and create more than 22,000 new jobs in five years, as well as increase new opportunities for local small and medium enterprises in these sectors.
At the same time, the Royal Government's policy is shifting away from the garment sector, which consumes a lot of labor but receives low income or value-added, as Cambodia, as well as the world, is approaching the fourth generation of the industrial revolution.