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Cambodia’s Trade with RCEP Countries Reaches Almost US$10 Billion in January-April Period

Total trade of Cambodia with the Regional Comprehensive Economic Partnership (RCEP) countries was amounted to US$9,823 million in the first four months of this year, inching down 8 percent compared to the same period last year, data from the Ministry of Commerce showed.

China is the Kingdom’s biggest trade partner with a total bilateral trade exchange of US$3,894 million, followed by Vietnam and Thailand with US$2,430 million and US$1,352 million, respectively, read the report.

On the export, Cambodia shipped goods worth a total of US$2,892 million to the RCEP countries, up 16 percent year-on-year, the report pointed out.

Cambodia’s top three export RCEP destinations were Vietnam, Thailand, China and with shipped products worth US$1,248 million, US$958 million, and US$328 million, respectively.

The RCEP free trade agreement entered into force on January 1, 2022.

The regional trade pact comprises 15 Asia-Pacific countries including 10-member states of the Association of Southeast Asian Nations (ASEAN) — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

H.E. Penn Sovicheat, Spokesperson at the Ministry of Commerce, said on Sunday that the advantages under the trade preference of this mega regional pact have boosted Cambodia’s exports and imports.

“Exporters have benefited from the trade deal, giving almost zero tariff on goods import and export, which increased Cambodia’s trade with RCEP countries,” he said.

Cambodia’s exports to the RCEP countries were recorded at US$6.34 billion in 2022, a year-on-year increase of 7 percent, said a report by the Ministry of Commerce, adding that the figures accounted for almost 60 percent of international trade that year.

Source: Agence Kampuchea Presse