Cambodia and RCEP Trade Volume Reaches Nearly $30 Billion in 2023

Throughout 2023, the trade volume between Cambodia and the signatories of the Regional Comprehensive Economic Partnership Agreement (RCEP) will be nearly $30 billion. This is according to the report from the Ministry of Commerce.

According to the Ministry of Commerce, Cambodia's exports to the RCEP amounted to $8.17 billion, up 28 percent, while imports amounted to $21.286 billion, down 13 percent compared to the same in 2022.

The Comprehensive Economic Partnership Agreement (RCEP) entered into force on January 1, 2022. The agreement is the largest free trade agreement in the world with 15 members, including 10 ASEAN members and five ASEAN free trade partners: Australia, China, Japan, South Korea, and New Zealand.

The Undersecretary of State and Spokesperson for the Ministry of Commerce, Pen Sovicheat, emphasized that Cambodia's exports to the 10 RCEP member countries will maintain growth momentum by 2023.

He said that since the RCEP came into force and was implemented in 2022, Cambodia's exports to international markets, especially to RCEP countries, have increased significantly.

Dr.Hong Vannak, an economist at the Royal Academy of Cambodia (RAC), believes that the decline in trade volume between Cambodia and RCEP in 2023 may be due to a number of factors, such as the effects of the war between Russia and Ukraine, which increased market prices, and the Israeli-Palestinian war, which led to rising world inflation.

In addition, despite the tense international economic and political situation, Cambodia's exports to RCEP member countries have increased, indicating that Cambodia is rapidly developing in the manufacturing sector and that the quality is up to standard.

It should be noted that the trade volume between Cambodia and RCEP member countries in 2022 will reach $31 billion, of which exports amounted to $6.34 billion and imports amounted to $24.68 billion.