Cambodia’s exports to RCEP members surpassed $5.6 billion

PHNOM PENH: Cambodia exported a total of $5,671 million in goods to Regional Comprehensive Economic Partnership (RCEP) countries in the first eleven months of 2022, a 5% increase over the same period last year, according to data released by the Ministry of Commerce on Tuesday.

Vietnam, China, and Japan were Cambodia’s top three RCEP export destinations from January to November of this year, with shipments totaling $1,894 million, $1,109 million, and $1,069 million, respectively.

At the same time, China is the largest market for goods imported into Cambodia, with a total value of $9,470 million, followed by Vietnam, Thailand, and Singapore, with $3,617 million, $3,542 million, and $3,169 million, respectively.

The RCEP free trade agreement entered into force on January 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including the 10 member states of the Association of Southeast Asian Nations (ASEAN). Over the next 20 years, the mega-regional agreement will eliminate up to 90% of tariffs on goods traded among its signatories.

According to the Ministry of Commerce, Cambodia expects annual export growth of 9.4 to 18 percent, which will contribute to the national economic growth of 2 to 3.8 percent.

Leave a Reply

Your email address will not be published. Required fields are marked *