Cambodia’s Trade with RCEP Countries Hits over $34B in 2024

Created: 22 January 2025

Hits: 126

Phnom Penh (FN), Jan. 22 – Cambodia’s total trade volume with Regional Comprehensive Economic Partnership (RCEP) member countries in 2024 amounted to over USD 34.522 billion, up 17.73 per cent from USD 29.323 billion in 2023, according to a report by the Ministry of Commerce.

Cambodia’s export to RCEP member countries was valued at USD 9.06 billion, an increase of 12.71 per cent, while imports reached USD 25.461 billion, a rise of 19.62 per cent.

The RCEP agreement has played a pivotal role in boosting Cambodia’s exports and international trade, enhancing both exports to and imports from RCEP member countries. The agreement has significantly contributed to fostering the growth of Cambodia’s trade relations with RCEP countries and has supported an overall increase in Cambodia’s global trade.

The RCEP agreement came into effect on 1 January 2021, serving as a key driver in expanding trade in goods, services, and investment. It has also opened additional markets for hundreds of new Cambodian export products.

RCEP comprises 15 countries, including all 10 ASEAN member states and five free trade partners: Australia, China, Japan, South Korea, and New Zealand.

As the world’s largest trade agreement, RCEP encompasses a population of approximately 2.2 billion people, representing 30 per cent of the global population and 28 per cent of global trade volume.

In 2023, Cambodia’s export to RCEP member countries totalled USD 8.172 billion, reflecting a 28.83 per cent increase, while imports amounted to USD 21.285 billion, a decrease of 13.78 per cent.
=FRESH NEWS

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}