Cambodia’s Exports to RCEP Countries Top US$5.6 Billion in Jan.-Nov. Period
Cambodia exported a total of US$5,671 million worth of goods to the Regional Comprehensive Economic Partnership (RCEP) countries in the first eleven months of 2022, an increase of 5 percent compared to the same period last year, a data from the Ministry of Commerce showed on Tuesday.
From January to November this year, Cambodia’s top three export RCEP destinations were Vietnam, China, and Japan with shipped products worth US$1,894 million, US$1,109 million, and US$1,069 million, respectively.
At the same time, China is the biggest market for goods imported to Cambodia with a total value of US$9,470 million, followed by Vietnam, Thailand and Singapore with US$3,617 million, US$3,542 million, and US$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) — 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.
The mega-regional pact will eliminate as much as 90 percent of the tariffs on goods traded among its signatories over the next 20 years.
Cambodia expects to see a yearly export growth between 9.4 and 18 percent, that will contribute to the national economic growth between 2 and 3.8 percent, stated the Ministry of Commerce.
Source: Agency Kampuchea Press