PHNOM PENH: Cambodia earned over US$2.69 billion from exports to members of the Regional Comprehensive Economic Partnership (RCEP) in the first three months of 2024, a year-on-year increase of 25.7 percent, a report from the Ministry of Commerce showed last week.
The Kingdom recorded US$5.66 billion imports from the RCEP countries, up 10 percent from US$5.14 billion, it added.
Cambodia’s trade with RCEP countries has increased thanks to trade preferences under the mega-regional trade pact, said H.E. Penn Sovicheat, Secretary of State and Spokesperson of the Ministry of Commerce.
“With almost zero trade tariffs, exporters have been able to take advantage of the trade deal, resulting in increased exports and imports from Cambodia,” he said.
The RCEP free trade agreement entered into force on Jan. 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including the ten 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.
RCEP nations collectively represent about 2.2 billion people, or 30 percent of the global population, contributing US$26.2 trillion to the gross domestic product (GDP), which is 30 percent of the worldwide GDP. Member countries account for approximately 28 percent of global trade, as per the ministry.
Cambodia’s total international trade volume was valued at US$12.4 billion during the first quarter of 2024, a 11.9 percent increase from US$11.16 billion in the corresponding period last year, according to the General Department of Customs and Excise (GDCE).