Cambodia's trade with RCEP nations soars to USD8.36B in January-March 2024
Date
5/23/2024 5:43:14 AM
(MENAFN) According to a report released by the Ministry of Commerce on Friday, Cambodia's trade with countries under the Regional Comprehensive Economic Partnership (RCEP) surged to USD8.36 billion in the first quarter of 2024, marking a notable increase of 14.6 percent compared to USD7.29 billion recorded during the same period last year.
The report highlighted that trade with RCEP members accounted for a significant portion, representing 65.8 percent of Cambodia's total trade volume, which amounted to USD12.7 billion in the January-March period of this year.
Exports to RCEP countries saw a robust growth, reaching USD2.69 billion in the first quarter, reflecting a substantial increase of 25.7 percent compared to USD2.14 billion recorded in the corresponding period of the previous year.
Conversely, imports from RCEP countries also experienced a notable uptick, totaling USD5.66 billion, up by 10 percent from USD5.14 billion in the same period last year.
The report underscored that China, Vietnam, Thailand, Japan, and Singapore emerged as the top five trading partners for Cambodia within the framework of the regional mega-trade pact.
Penn Sovicheat, Secretary of State and Spokesperson for the Cambodian Ministry of Commerce, emphasized the pivotal role of RCEP in driving the country's trade expansion and attracting increased foreign direct investment. Despite facing challenges such as rising protectionism and subdued global demand, Sovicheat highlighted RCEP's role in fostering regional trade and investment cooperation, ultimately yielding substantial benefits for all member countries.
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