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Cambodia: Kingdom’s exports to RCEP countries up 10% H1
Cambodia’s exports to the member countries of the Regional Comprehensive Economic Partnership (RCEP) amounted to $3.28 billion in the first half of this year, up 10 percent from $2.99 billion over the same period last year, the Ministry of Commerce’s data showed yesterday.
For the January-June period, Cambodia’s top three export destinations were Vietnam, China and Japan which shipped products worth $1,174 million, $612 million, and $542 million, respectively.
The RCEP pact has contributed to the Kingdom’s export growth in the first six months this year, confirmed the ministry’s Under-Secretary of State, Penn Sovicheat.
“The implementation of the RCEP has contributed to an increase of Cambodia’s exports,” Sovicheat said at a press conference at the Government’s Spokesman Unit yesterday.
The RCEP free trade agreement came into force on January 1, 2022.
The regional trade pact comprises 15 Asia-Pacific countries including the 10-member Asean – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – and five trading partners, namely China, Japan, South Korea, Australia and New Zealand.
The world’s largest trade bloc, the RCEP has a combined Gross Domestic Product (GDP) of $26.2 trillion, representing around 30 percent of the global GDP, 28 percent of the global trade, and 32.5 percent of the global investment.
The Kingdom’s exports to the RCEP member countries during this period accounted for 28.8 percent of the country’s total export of $11.37 billion.
The trade volume (exports and imports together) between Cambodia and the RCEP’s member countries topped $16.24 billion, up nine percent compared to the same period last year.
The spokesman attributed the growth in the exports to the Cambodia-made products’ quality that has won the confidence of buyers and consumers.
“Following the outbreak of Covid-19, Cambodia’s exports continued to grow as some countries failed to supply to their markets,” he said.
The government resumed socio-economic activities late last year following the high rate of vaccination against Covid-19.
Lim Heng, Vice President of the Cambodia Chamber of Commerce, said that the herd immunity against Covid-19 has enabled the country to maintain its factory production chains and meet the purchase orders.
Source: https://www.khmertimeskh.com/501117276/kingdoms-exports-to-rcep-countries-up-10-h1/