Cambodia economy signals

Cambodia’s latest trade data shows an economy still moving goods at scale, with exports to the United States reaching $3.36 billion in the first quarter of 2026. (phnompenhpost.com) Trade between Cambodia and the United States totaled $3.48 billion from January through March, up 39.3% from $2.5 billion a year earlier, according to Cambodia’s General Department of Customs and Excise. U.S. imports from Cambodia rose 38.4%, while Cambodia’s imports from the United States climbed 67.9% to $126.08 million. (phnompenhpost.com) Cambodia’s broader external trade also expanded in the same quarter. Total international trade reached more than $16 billion, with exports at $8.09 billion and imports at $8.33 billion, both up more than 16% from the first quarter of 2025. (information.gov.kh) The export mix still leans heavily on factory goods sold abroad. Cambodian business officials said shipments to the U.S. were led by garments, footwear, travel goods and bicycles, while the government said machinery, electrical equipment, furniture, rubber and farm products also contributed to first-quarter exports. (phnompenhpost.com, information.gov.kh) That trade strength is landing against a softer medium-term growth outlook from major lenders. The World Bank said in its June 2025 Cambodia Economic Update that activity remained “relatively robust but uneven,” while the Asian Development Bank projected gross domestic product growth of 4.9% in 2025 and 5.0% in 2026. (documents1.worldbank.org, adb.org) The World Bank also flagged specific pressure points behind that uneven picture, including a more challenging global environment, a property downturn, subdued credit growth and a wider current-account deficit as imports rebounded. Those are the fault lines behind the upbeat trade numbers. (documents1.worldbank.org) Governance and illicit-finance concerns are still part of the investment story. The Financial Action Task Force’s February 13, 2026 list of jurisdictions under increased monitoring did not include Cambodia, but the watchdog said countries on those lists face scrutiny over anti-money-laundering and counter-terror financing controls. (fatf-gafi.org) At the same time, outside monitors and Western governments continue to describe scam compounds and trafficking-linked fraud as a major Cambodian risk. The U.S. State Department’s 2025 Trafficking in Persons report said Cambodia had not prosecuted any suspected scam-compound owner or operator despite evidence of forced labor in online fraud operations. (state.gov) Cambodia’s government has answered with a tougher public line. Prime Minister Hun Manet said in February that scam centers were damaging the economy and the country’s reputation, and parliament approved a cybercrime law on April 3 that officials said would strengthen the crackdown on online scam rings. (france24.com, aljazeera.com) The clearest signal, for now, is that Cambodia is still shipping large volumes abroad even as lenders warn of slower growth and watchdogs keep pressing on enforcement. The next test is whether those export gains can outlast weaker property, tighter credit and the reputational drag from cyberfraud. (phnompenhpost.com, documents1.worldbank.org, state.gov)