According to statistics from the Cambodian Ministry of Commerce, in the first four months of this year, the trade volume between Cambodia and the other 14 member countries of the Regional Comprehensive Economic Partnership Agreement (RCEP) reached US$9.823 billion, of which Cambodia’s exports to other RCEP member countries amounted to US$2.892 billion. , an increase of 16% year-on-year.
RCEP currently has 15 member countries, including China, Japan, South Korea, Australia, New Zealand, and 10 ASEAN countries. The population, economic volume, and total trade volume account for about 30% of the global total. It is the world's largest population and member structure. The most diverse and largest free trade agreement. From January 1, 2022, RCEP will come into force for 6 ASEAN members including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam and 4 non-ASEAN members including China, Japan, New Zealand and Australia. In February of the same year It will take effect for South Korea on March 1, Malaysia on March 18, Myanmar on May 1, and Indonesia on January 2, 2023. Since then, 14 of the 15 member states have entered into force. From June 2 this year, RCEP will take effect for the last member country, the Philippines, and RCEP will enter a new stage of full implementation.
RCEP has been in force for more than a year. Against the background of increasing uncertainties in the world economy, economic globalization and severe challenges to free trade, RCEP has brought substantial dividends to regional economic and trade cooperation, including ASEAN countries, and effectively strengthened the The resilience of industrial chains and supply chains in the region has added new vitality to regional economic cooperation and global economic development. According to Cambodian official statistics, due to the opportunities brought by RCEP and the China-Cambodia Free Trade Agreement, the trade volume between Cambodia and the other 14 member countries of RCEP will reach US$31 billion in 2022, a year-on-year increase of 4%. Last year, Cambodia's exports to other RCEP members reached US$6.34 billion, a year-on-year increase of 7%. imports from other RCEP members reached US$24.68 billion, a year-on-year increase of 3%.
Since the beginning of this year, due to the decline in demand from the United States and Europe, Cambodia's exports to the United States and Europe have dropped sharply, while exports to other RCEP member countries have increased significantly. According to statistics from the General Administration of Customs of Cambodia, in the first four months of this year, the United States was still Cambodia’s largest exporter, and Cambodia’s exports to the United States were approximately US$2.5 billion, a year-on-year decrease of 16%. China was still Cambodia’s largest trading partner, with a total bilateral trade volume of 38.94. The bilateral trade volume between Cambodia and Vietnam reached 2.43 billion U.S. dollars, a year-on-year increase of 5.6%, of which Cambodia’s exports to Vietnam were 1.18 billion U.S. dollars, a year-on-year increase of 20.9%; The trade volume between Cambodia and Thailand was US$1.352 billion, of which Cambodia’s exports to Thailand reached US$393 million; Cambodia’s exports to South Korea reached US$91 million, a year-on-year increase of 19.3%; exports to Singapore also increased by more than three times, reaching US$223 million.
