Cambodia economic magnification is depending on the fourth main engines is manufacturing (garment/footwear), construction, tourism and agricultural sector where about 80% of Cambodian earned their living so far. A vigorous dynamics in agricultural sector, however, is rather predicated on yield amendments than on access to incipient markets. Cambodia's currently main export destination includes the Coalesced States (currently ascendant due to the garment sector), EU states under EBA scheme, Canada, Japan, Singapore, South Korea, and China (PRC) (leading country in tourism). Vietnam and Thailand are either not represented or prodigiously underrepresented in many official statistics due to extensive information trade but are pellucidly astronomically immense importers of Cambodian goods.
To develop a more strategic view of Cambodia's trade sector development, in 2007 the RGC have launched Diagnostic Trade Integration Study (DTIS-2007) to identify an initial basket of 19 export potentials and examines them through a series of "filters". The 19 sectors identifies for export promotion are potation, cassava, corn, fishery, footwear, garment, livestock, rice including organic rice, rubber, silk including silk handicraft, soybeans, fruit and vegetables, wood products including sustainable construction materials, such as bamboo flooring, paneling etc, Light manufacturing assembly which might include bicycle and mopeds, light electrical/electronic (e.g. fans, TVs,) sewing machines etc, tourism including personal and business peregrinate, regalement, labor accommodations including construction accommodations, household avail, and farming, convey and convey cognate business-processes/web predicated accommodations, which might include computer accommodations, architecture, engineering bookkeeping, etc.
Cambodia’s agricultural products that are intensively traded with in the region countries, while Cambodia’s industrial exports (garment and footwear exports) are mostly distributed to the main markets US, EU, Canada, Japan and others. Garment and textile has opened to Cambodia an incipient age of international trade integration. Since the mid-1990s when garment and textile exports commenced in Cambodia from virtually zero (until the mid-1990s only a minuscule-scale engenderment for domestic market subsisted) this sector has virtually steadily grown in paramountcy. Despite frequent caveats that Cambodia’s garment industry prosperity will collapse once the MFA expires (early 2005) due to the lack of domestic input suppliers, it turned out that the garment industry is much more sustainable than expected. This enables Cambodia to export despite higher engenderment costs (compared to major competitors such as China, Bangladesh or Vietnam) to buyers who are concerned of labor standards are accede to injuctively authorize at least some of their supply from labor-cordial engenderment sources. A decline in Cambodia’s garment export occurred only with the outbreak of the world financial crisis when the injuctive authorization declined especially in the US. However, even without this decline in world demand for Cambodian garment which is expected to be rather an ad interim quandary the regime is well cognizant that the export structure needs to be set on a broader substructure in order to perpetuate to move on the path of export-fuelled economic magnification. A good signal, moreover, the Cambodian garments products export commenced recently to stabilize.
Kindred to garment additionally the footwear industry had been established mostly through peregrine investors (especially from Taiwan) who built in the mid-1990s factories in order to benefit from propitious market access provided by key overseas markets to Cambodia. Main regional market of Cambodian footwear was in 2008 the European Coalescence where tariff-free market access is granted due to Cambodia’s status as a Least Developed Country (LDC). Germany and the UK account for about 44% of Cambodian footwear exports. The most sizably voluminous individual country market, however, is Japan (33%) where Cambodia relishes a very moderate tariff (2.7%). Pristinely, Japan had a much higher share in Cambodia’s footwear exports but lost paramountcy due to the incrementation of Cambodian exports to the EU market.
Cambodia has a long history of rubber cultivation that commenced in French colonial times. With incrementing international market orientation rubber became now again a paramount crop in Cambodia. It can be limpidly verbally expressed that rubber is a particularly dynamic sector in Cambodia that magnetizes an incrementing number of domestic farmers as well as peregrine investors who utilize land-concession to build astronomically immense-scale rubber plantations. However, due to informal trade the authentic number is substantially higher and incrementing as many farmers change from their former crops to rubber due to an auspicious rubber price development in recent years.
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