PHNOM PENH: Cambodia’s exports to RCEP countries surged in the first five months of 2024, according to a Ministry of Commerce report. The country shipped US$3.97 billion worth of goods, a 12% increase compared to US$3.57 billion in the same period last year.
This strong export performance translates to RCEP countries accounting for a significant portion of Cambodia’s overall trade. RCEP exports made up 39% of the Kingdom’s total trade value of US$10.18 billion during the five-month period.
Overall trade between Cambodia and RCEP members also saw a significant rise, reaching US$14.17 billion, reflecting a 14.2% increase. This translates to RCEP trade representing a substantial 65.57% of Cambodia’s total international trade valued at US$21.61 billion.
For reference, the RCEP free trade agreement came into effect in January 2022. It encompasses 15 Asia-Pacific nations, including the 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and five additional trading partners (China, Japan, South Korea, Australia, and New Zealand).
The agreement offers Cambodia preferential tariffs on various exports, including agricultural products, processed goods, and industrial items. Additionally, Cambodia benefits from knowledge and technology transfer, skill development, and foreign direct investment that creates new jobs.
H.E. Sok Siphana, Senior Minister in Charge of International and Multilateral Trade and Economic Relations, previously highlighted RCEP’s positive impact on Cambodia’s economic growth. He emphasized the agreement’s role in providing wider market access for Cambodian products and contributing to the country’s sustainable economic development in the long run.