Cambodia's trade with RCEP countries up 14.6 pct in Q1-Xinhua

Cambodia's trade with RCEP countries up 14.6 pct in Q1

Source: Xinhua

Editor: huaxia

2024-04-12 18:54:45

PHNOM PENH, April 12 (Xinhua) -- Cambodia's trade with Regional Comprehensive Economic Partnership (RCEP) countries reached 8.36 billion U.S. dollars in the first quarter (Q1) of 2024, up 14.6 percent from 7.29 billion dollars over the same period last year, said the Ministry of Commerce's report released on Friday.

The country's trade volume with the RCEP members accounted for 65.8 percent of its 12.7 billion dollar total trade volume during the January-March period this year, the report said.

The Southeast Asian nation exported products worth 2.69 billion dollars to the RCEP countries in the Q1, up 25.7 percent from 2.14 billion dollars over the same period last year, it said.

Meanwhile, the kingdom recorded the import of products worth 5.66 billion dollars from the RCEP countries, up 10 percent from 5.14 billion dollars, it added.

The country's top five trading partners under the regional mega-trade pact are China, Vietnam, Thailand, Japan, and Singapore, the report added.

The Cambodian Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said RCEP is a catalyst for the country's trade growth and a magnet to attract more foreign direct investment.

He said despite rising protectionism and weakening global demand, RCEP has boosted regional trade and investment cooperation, bringing tremendous benefits to all the member countries.

"It has helped the member countries to boost faster post-pandemic recovery and sustainable long-term trade growth, contributing to enhancing regional peace, stability, harmony, development, and prosperity," he told Xinhua.

Entering into force in 2022, RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.