Cambodia’s exports to member countries of the Regional Comprehensive Economic Partnership (RCEP) exceeded $5.8 billion in the first three quarters of 2023, marking a 23.59% surge from the $4.7 billion recorded over the same period last year.
The total trade volume amounted to $21.81 billion during the period, indicating a 9.36% dip from the previous year’s $24.07 billion, according to the Ministry of Commerce.
The RCEP, an ASEAN initiative, is currently the largest free trade agreement (FTA) globally, encompassing 15 nations. These include the 10 ASEAN member states and five other key Indo-Pacific countries: Australia, China, Japan, New Zealand and South Korea.
The RCEP came into effect on January 1, 2022.
The report indicates that Cambodia’s imports from RCEP countries reached $16 billion during the first nine months of 2023, a decrease of 17.36% from $19.36 billion over the same period last year.
The change signifies a trade deficit of $10.19 billion with RCEP nations, an improvement from 2022’s deficit of $14.66 billion.
Cambodia’s principal export destinations within the RCEP framework were Vietnam ($2.04 billion, up 30.68%), China ($1.06 billion, up 18.27%) and Japan ($885.74 million, down 1.33%).
Dominant import partners included China ($8.04 billion, up 1.77%), Vietnam ($2.73 billion, down 10.99%) and Thailand ($2.17 billion, decreasing by 27.05%).
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Author: Hin Pisei
Publication date: 29 October 2023
Source: The Phnom Penh Post