{"id":20865,"date":"2024-07-23T14:04:11","date_gmt":"2024-07-23T14:04:11","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=20865"},"modified":"2024-07-23T14:11:24","modified_gmt":"2024-07-23T14:11:24","slug":"cambodia-agriculture-helps-gdp-growth-after-60-export-growth","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/07\/23\/cambodia-agriculture-helps-gdp-growth-after-60-export-growth\/","title":{"rendered":"The Cambodia agriculture sector helps GDP growth after 60% export growth"},"content":{"rendered":"\n

With a 60% growth in half-year exports for 2024,\u00a0the Cambodia<\/u><\/a> agriculture sector has helped boost the country\u2019s GDP.<\/p>\n\n\n\n

Government experts now predict that the growth of the national economy in 2024 will stabilize at 6%. Then it will spike to 6.3% between 2025 and 2027, as production, industry and trade expand.<\/p>\n\n\n\n

Driving this expansion are four sectors, namely manufacturing, tourism, service industry<\/u><\/a> and agriculture.<\/p>\n\n\n\n

With regard to farming, the growth in Quarters 1 and 2, 2024, was the highest in half a decade. This is according to a statement by Cambodia\u2019s Prime Minister Hun Manet on July 20, 2024.<\/p>\n\n\n\n

The Ministry of Agriculture, Forestry, and Fisheries cited that 2024\u2019s half-year agricultural export volume to 77 countries reached 6 million tonnes.<\/p>\n\n\n\n

As a show of thriving neighborly trade, China, Thailand and Vietnam collectively accounted for 94% of Cambodia\u2019s farming shipments.<\/p>\n\n\n\n

Food and Cash Crops’ Exports Boost <\/strong><\/h3>\n\n\n\n

Besides bilateral trade prominence, there were also key crops that buoyed the export value. These included cassava, cashew nuts, rubber and rice, whose individual half-year results went beyond those of the 2023 performer, banana<\/u><\/a>.<\/p>\n\n\n\n

None of the produce posted better returns than cashew nuts, whose $800,000 returns represented the bulk of Cambodia\u2019s agricultural earnings worth $1.8 billion. Between January and June 2024, the key recipient of cashew nuts was Vietnam.\u00a0<\/p>\n\n\n\n

Coming second was cassava, whose volume totaled 2.5 million metric tonnes worth $450,000, to mainly China, Vietnam and Thailand.  The root crop marked the biggest half-year growth of all agricultural produce in the country.<\/p>\n\n\n\n

Third in export value was rice, which generated some $400,000, with the main recipient being China. Milled rice led the export momentum at 338,654 tonnes <\/u><\/a>worth $247.6 million, according to a July 9, 2024 report on Bernama. <\/p>\n\n\n\n

Plantation crops also contributed greatly to the half-year results, with rubber generating $213.4 million<\/u><\/a>, a yearly increase of 8.6%. A Directorate of Rubber\u2019s report of July 19, 2024 showed that the country exported 140,653 tonnes of rubber from 407,172 hectares.<\/p>\n\n\n\n

Ultimately, gains in the Cambodia agriculture industry, together with growing demand in import markets mark the start of a vigorous GDP growth. As the following statistics show, the government of Cambodia is right to be bullish about growth as agriculture supports the economy.<\/p>\n\n\n\n

Cambodia Agriculture Statistics <\/strong><\/strong><\/h2>\n\n\n\n

Cambodia is one of Asia\u2019s countries with a healthy agricultural sector despite having a thriving textile and manufacturing sector. Cambodia\u2019s top agricultural produce are cassava and paddy or milled rice. In 2022, the country ranked 60th<\/sup> in global agricultural exports at 635,757 tonnes<\/u><\/a>. In comparison, the top agricultural exporting nations in 2022 were from outside Asia, namely the United States and Brazil.<\/p>\n\n\n\n

What drives Cambodia\u2019s  GDP (including non-agricultural goods<\/strong>)?<\/p>\n\n\n\n

Textile and farm crops are some of the top drivers of Cambodia\u2019s economy. According to OEC, Cambodia was 103rd<\/sup>  among world economies in 2022 in terms of GDP and 69th<\/sup> in exports worth $35.98 billion<\/u><\/a>. The export of 2022 was women\u2019s knitwear worth $2.07 billion while non-knit women\u2019s wear at $1.86 billion and cassava at $1.3 billion came second and third. <\/p>\n\n\n\n

How big is the cassava industry in Cambodia<\/strong>? <\/p>\n\n\n\n

The yearly production of cassava in Cambodia hovers between 10 and 14 million tonnes, with 2019 at\u00a013 million tonnes<\/u><\/a>. As such, cassava production the country has newly made the country a rising \u2018tiger\u2019 economy. In 2019, the United Nations Development Program (UNDP) placed Cambodia at number 10 worldwide and 4th<\/sup>\u00a0in Asia in cassava production. UNDP estimated that in ten years (starting 2019), earnings from cassava would add\u00a0$940 million<\/u><\/a>\u00a0to Cambodia\u2019s GDP while yearly growth would be cumulative. This is due to a return-on-investment of 3-to-1, which means every 1 cassava brings 3 times cash returns.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

With a 60% growth in half-year exports for 2024,\u00a0the Cambodia agriculture sector has helped boost the country\u2019s GDP. Government experts now predict that the growth of the national economy in 2024 will stabilize at 6%. Then it will spike to 6.3% between 2025 and 2027, as production, industry and trade expand. Driving this expansion are…<\/p>\n","protected":false},"author":3,"featured_media":20866,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nThe Cambodia agriculture sector helps GDP growth after 60% export growth - Selina Wamucii | Food & Agriculture News %<\/title>\n<meta name=\"description\" content=\"%\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2024\/07\/23\/cambodia-agriculture-helps-gdp-growth-after-60-export-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Cambodia agriculture sector helps GDP growth after 60% export growth - Selina Wamucii | Food & Agriculture News %\" \/>\n<meta property=\"og:description\" content=\"%\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.selinawamucii.com\/news\/2024\/07\/23\/cambodia-agriculture-helps-gdp-growth-after-60-export-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-23T14:04:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-23T14:11:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.selinawamucii.com\/news\/wp-content\/uploads\/2024\/07\/Memot_earthwork.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timothy Wahome\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Timothy Wahome\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2024\/07\/23\/cambodia-agriculture-helps-gdp-growth-after-60-export-growth\/\",\"url\":\"https:\/\/www.selinawamucii.com\/news\/2024\/07\/23\/cambodia-agriculture-helps-gdp-growth-after-60-export-growth\/\",\"name\":\"The Cambodia agriculture sector helps GDP growth after 60% export growth - 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