PHNOM PENH: Cambodia exported US$6.34 billion worth of goods to the Regional Comprehensive Economic Partnership (RCEP) member countries last year, up 7 percent from a year before, the Ministry of Commerce’s report showed on Wednesday.
The source pointed out that the country’s imports from the RCEP countries totaled US$24.68 billion, up 3 percent from 2021.
The Kingdom’s trade with RCEP member countries reached US$31 billion in 2022, a year-on-year increase of 4 percent, it added. Cambodia’s top trading partners are China, Vietnam, Thailand, Singapore, and Japan, the report read.
Entered into force on Jan. 1, 2022, the mega trade pact -RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states – 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.
Being the world’s largest trade bloc, the RCEP trade deal has a combined GDP of US$26.2 trillion, representing around 30 percent of the global GDP, 28 percent of international trade, and 32.5 percent of global investment.
Cambodia is one of the supply chains in the world, exporting garments, footwear, electronic and electric components, and agricultural products, said H.E. Penn Sovicheat, Under-Secretary of State and Spokesperson at the Ministry of Commerce.
“Since entering into force, Cambodia’s exports to the international market, particularly to the RCEP Member States have significantly increased,” he underlined.