Phnom Penh: Cambodia exported US$4.29 billion worth of goods to the Regional Comprehensive Economic Partnership (RCEP) member countries in the first five months of this year, up 8 percent from US$3.97 billion in the same period last year, according to a report from the Ministry of Commerce.
According to Agence Kampuchea Presse, the Kingdom imported US$12.17 billion worth of goods from RCEP member countries between January and May, an increase of 19.4 percent from US$10.2 billion. Cambodia’s top five trading partners under the RCEP are China, Vietnam, Thailand, Japan, and Indonesia.
The report highlighted that Cambodia’s trade with RCEP member countries totaled US$16.47 billion, marking a year-on-year increase of 14.17 percent. The mega-regional trade pact, which features near-zero tariffs, has benefited exporters who can take advantage of the agreement, leading to increased exports and imports for Cambodia, said H.E. Penn Sovicheat, Secretary of State and spokesperson for the Ministry of Commerce.
H.E. Penn Sovicheat emphasized that RCEP is one of Cambodia’s major markets, providing access for Cambodian products and services. He noted that its market share represents strong potential for the expansion of made-in-Cambodia exports.
The RCEP, which entered into force in 2022, 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.