Cambodia's RCEP exports leap 16% to $2.89 bn in Q1 2023: MoC

17 May '23

2 min read

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Insights

Exports from Cambodia to RCEP countries surged 16 per cent YoY to $2.89 billion in Q1 2023, led by Vietnam, Thailand, and China.
As Cambodia's top import source, China accounted for $2.53 billion.
The RCEP trade pact, effective since 2022, contributed to this growth.
In 2022, RCEP constituted nearly 60 per cent of Cambodia's $52 billion total trade.

Cambodia's exports in the first quarter (Q1) of 2023 to the Regional Comprehensive Economic Partnership (RCEP) countries reached $2.89 billion, marking a 16 per cent increase from the same period in the previous year, according to the latest data by the ministry of commerce.

The leading destinations for Cambodia's exports within the RCEP were Vietnam, Thailand, and China, with the value of shipments amounting to $1.25 billion, $958 million, and $328 million, respectively.

Meanwhile, China emerged as Cambodia's largest import source, with a total import value standing at $2.53 billion. Vietnam and Thailand followed, with imports valued at $957 million and $440 million, respectively.

The RCEP, a free trade agreement that came into effect on January 1, 2022, comprises 15 Asia-Pacific countries, including the ten member states of the Association of Southeast Asian Nations (ASEAN) and their five trading partners: China, Japan, South Korea, Australia, and New Zealand.

The trade pact has increased Cambodia’s exports, brought in new investment, and significantly contributed to the country’s economic growth, Cambodian media reports quoted vice president of the Cambodia Chamber of Commerce, Lim Heng, as saying.

The RCEP is anticipated to eliminate up to 90 per cent of tariffs on goods traded among its signatories over the next two decades. As the world’s largest trade bloc, RCEP represents approximately 30 per cent of the global GDP, 28 per cent of global trade, and 32.5 per cent of global investment.

In 2022, Cambodia's exports to RCEP countries totalled $6.34 billion, marking a year-on-year increase of 7 per cent. The RCEP accounted for approximately 60 per cent of Cambodia’s total international trade of $52 billion in the same year.

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