Cambodia’s export to RCEP countries posts 10% growth in H1

Illustrative image (Photo: https://baoquocte.vn/)

Phnom Penh (VNA) - Cambodia's export to other member countries of the Regional Comprehensive Economic Partnership (RCEP) totaled 3.28 billion USD in the first half of 2022, up 10% year-on-year, according to the Cambodian Ministry of Commerce.

The top three importers of Cambodia in the period were Vietnam, China, and Japan, with export values reaching 1.17 billion USD, 612 million USD, and 542 million USD, respectively.

Cambodia's exports to RCEP member countries in the first half accounted for 28.8% of the country’s total export turnover. Meanwhile, the total import-export turnover between Cambodia and RCEP countries peaked at 16.24 billion USD, up 9% over the same period last year.

Penn Sovicheat, Undersecretary of State and Spokesman of Cambodian Ministry of Commerce, affirmed that RCEP, which took effect on January 1 this year, is a contributing factor to Cambodia's exports in the first six months of 2022.

According to Governor of the National Bank of Cambodia (NBC) Chea Chanto, the Southeast Asian country’s economy is expected to grow 5.3% in 2022, mainly thanks to increased export of garments, bags and footwear; a well-performance of construction and real estate industry; growing agriculture; and tourism recovery.

The RCEP free trade agreement comprises 15 Asia-Pacific countries including 10 ASEAN member states, and their five trading partners, namely China, Japan, the Republic of Korea, Australia and New Zealand. It has formed the largest trade region in the world, accounting for about 30% of the global GDP, 28% of the global trade, and 32.5% of the global investment./.