PHNOM PENH: Cambodia exported $4,071 million worth of goods to the Regional Comprehensive Economic Partnership (RCEP) countries in the first half of 2023, a year-on-year increase of 24 percent, a report from the Ministry of Commerce showed on Monday.
Cambodia’s top three export destinations in the RCEP were Vietnam, Thailand, and Singapore, with shipments worth $1,429 million, $527 million, and $415 million, respectively.
The Kingdom’s imports from the RCEP countries decreased by 17 percent to $10,740 million.
Cambodia’s trade with RCEP countries has increased due to the trade preferences under the mega-regional trade pact, said H.E. Penn Sovicheat, 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.