Cambodia Exports to RCEP countries Reach US$4 Billion in H1
Phnom Penh, July 18, 2023 --
Cambodia exported US$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 US$1,429 million, US$527 million, and US$415 million, respectively.
The Kingdom’s imports from the RCEP countries decreased by 17 percent to US$10,740 million.
Cambodia’s trade with RCEP countries have 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.