Cambodia’s exports to RCEP members up 10% year-on-year in H1 2022

International Business News  –  Data released by the Cambodian Ministry of Commerce on the 21st showed that in the first half of 2022, the country’s exports to the members of the Regional Comprehensive Economic Partnership (RCEP) reached US$3.28 billion, an increase of 10% from US$2.99 ​​billion in the same period of the previous year.

In the first half of the year, Cambodia’s products were mainly exported to Vietnam, China and Japan, with an export value of 1.174 billion, 612 million and 542 million US dollars respectively. In the first half of the year, the country’s exports to RCEP member countries accounted for 28.8% of the country’s total exports. Among them, the total trade volume between Cambodia and RCEP countries reached 16.24 billion US dollars, a year-on-year increase of 9%.

Penn Sovicheat, Deputy Secretary of State at Cambodia’s Ministry of Commerce, stressed that the official implementation of RCEP on January 1 this year has contributed to the country’s export growth in the first half of the year.

RCEP has a total of 15 member countries, including 10 ASEAN countries and 5 trading partners including China, Japan, South Korea, Australia and New Zealand. RCEP has formed the world’s largest trade area, accounting for about 30% of global GDP, 28% of global trade and 32.5% of global investment funds.

On the 21st, Chea Chanto, the governor of the National Bank of Cambodia, said at a meeting held by the bank that the country’s economy is expected to grow by 5.3% in 2022, a year-on-year increase of 3%, mainly relying on textiles and clothing, handbags, footwear products, etc. Exports have increased, the construction and real estate sectors are operating well, agriculture has maintained its growth momentum and tourism has recovered.