Trade with RECP Members Passes $8b in Q1
This photo taken on May 1, 2023 shows containers stacking up at the Sihanoukville Autonomous Port in Sihanoukville, Cambodia. Photo by Ly Lay/Xinhua
- By Ou Sokmean
- April 18, 2024 5:25 PM
PHNOM PENH – Cambodia did more than $8 billion in trade with 14 members of the Regional Comprehensive Economic Agreement (RECP) between January and March, up 14.72 percent on the same period in 2023, the Ministry of Commerce says.
Exports were about $2,695 million of the $8,364 million total, an increase of more than 25.76 percent. Imports from RCEP countries amounted to $5,669 million, up 10.13 percent, a ministry report said.
Ministry spokesperson Pen Sovicheat said most exports had grown steadily. These included essential goods and daily necessities, such as clothing, footwear, bags, travel accessories, rice, grains, fish and meat.
“This is a positive sign to be proud of as an exporter of essential commodities, as some markets are becoming more restrictive and frugal in their orders,” he said.
RCEP, with $26.2 trillion trade volume, allows Cambodia to be duty-free on a wide range of goods, especially agricultural goods, processed goods and industrial goods. Besides the ten members of ASEAN, RCEP members include Japan, China, South Korea, Australia and New Zealand.
For the first quarter in 2024, Cambodia also achieved world trade of nearly $12.7 billion. Exports amounted to $6,316 million, up 17.15 percent, while imports were worth $6,389 million, up more than nine percent on the same period in 2023.
Originally written in Khmer for ThmeyThmey, this article was translated by Torn Chanritheara for Cambodianess.
