Cambodia Achieved More than $8,364 Million in Trade with RCEP Countries in Q1

In the first quarter of 2024, Cambodia's trade volume with the 14 partners of the Regional Comprehensive Economic Partnership (RCEP) reached about US$8,364 million.

H.E. Pen Sovicheat, Secretary of State and Spokesperson of the Ministry of Commerce, said that Cambodia's trade with RCEP countries has increased due to trade preferences under regional trade agreements. In fact, in the first quarter of 2024, Cambodia's exports to RCEP countries were about US$2,695.65 million, an increase of 25.76 percent. Imports from partner countries amounted to US$5,669.14 million, an increase of 10.13%.

H.E. Pen Sovicheat said that most of Cambodia's exports are essential goods and daily necessities, such as clothes, shoes, bags, travel goods, and food (rice, grains, fish, and meat), are still maintaining good growth.

It should be noted that in the first quarter of 2024, the trade volume between Cambodia and RCEP member countries amounted to 65.83% of the total trade volume during the same period this year. In 2023, the trade volume between Cambodia and its RCEP partners was US$29.45 billion.

It should be informed that the Regional Comprehensive Economic Partnership Agreement (RCEP), of which Cambodia is a member, entered into force on January 1, 2022, after nearly 10 years of negotiations. This trade agreement allows Cambodia to be duty-free on many goods, especially agricultural goods, processed agricultural products, and industrial goods.

The RCEP represents about 2.2 billion people, or 30 percent of the world's population, contributing US$26.2 trillion to gross domestic product (GDP), equivalent to about 30 percent of gross domestic product in the world, according to the Ministry of Commerce.