Cambodia-RCEP members trade hits nearly $30 bn in 2023

08 Feb '24

2 min read

Pic: Adobe Stock

Insights

Trade between Cambodia and the 14 other RCEP nations was worth $30 billion last year: exports $8.172 billion (an over-28-per cent YoY rise) and imports $21.286 billion (an over-13-per cent YoY fall).
Indonesia advanced from being Cambodia's 12th largest trading partner to the 6th largest last year, with bilateral trade volume hitting nearly $1.1 billion.

Trade between Cambodia and the 14 other nations in the Regional Comprehensive Economic Partnership (RCEP) was worth nearly $30 billion last year, with exports to these countries amounting to $8.172 billion—a year-on-year (YoY) rise of over 28 per cent, and imports valued at $21.286 billion—a YoY fall of over 13 per cent, according to the country’s commerce ministry.

The RCEP came into effect on January 1, 2022.

The country’s exports to four RCEP members fell last year. Two out of those are member states of the Association of Southeast Asian Nations (ASEAN), ministry spokesperson Pen Sovicheat said.

Its post-RCEP exports, particularly to the partnership’s members, have considerably increased, he noted.

Indonesia moved forward from being Cambodia’s 12th largest trading partner earlier to the 6th largest last year, with bilateral trade volume hitting nearly $1.1 billion—a YoY rise of close to 15 per cent, according to the latter’s General Department of Customs and Excise.

Trade between the two nations stood at $1.09 billion last year, rising by 14.6 per cent YoY and representing 2.32 per cent of Cambodia’s total international trade worth $46.83 billion, a Cambodian newspaper reported.

Exports to Indonesia were worth $92.74 million, surging by 151.7 per cent YoY, while imports of Indonesian goods stood at $994.6 million, an increase of 9.1 per cent YoY.

Fibre2Fashion News Desk (DS)

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