Cambodia's trade with RCEP countries to exceed $25 billion by 2024

Cambodia's trade with Regional Comprehensive Economic Partnership (RCEP) countries reached $25.54 billion in the first nine months of 2024, up 17.1% on the same period in 2023.

The Kingdom exported goods worth USD 6.76 billion to these countries, an increase of 16.3%, while it imported goods worth USD 18.78 billion from the RCEP countries, an increase of 17.3%

The kingdom's trade volume with RCEP member countries accounted for 61.6% of total volume during the period, according to the report by the General Department of Customs and Excise.

Cambodia's five main trading partners under this regional trade pact are China, Vietnam, Thailand, Japan and Singapore.

Entering into force in 2022, the RCEP comprises 15 Asia-Pacific countries, including 10 ASEAN member states and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

Secretary of State and spokesman for the Cambodian Ministry of Commerce, Penn Sovicheat, said that the RCEP was a catalyst for Cambodia's trade growth and a magnet for foreign direct investment in the kingdom.

“Despite rising protectionism and weakening global demand, the RCEP has boosted regional trade cooperation, bringing great benefits to all member countries,” he told China's Xinhua news agency.

“With the tariff concessions under the RCEP agreement, our exports to other RCEP countries will undoubtedly continue to grow throughout this year and beyond,” he added.

Hoe Ee Khor, chief economist at the ASEAN+3 Macroeconomic Research Office (AMRO), said that the reduction in tariffs and non-tariff barriers had made it easier for Cambodian products to access larger markets.

“Cambodia's main export products, such as garments and agricultural products, have benefited from improved market access and competitive prices due to tariff reductions under RCEP,” he said.