Cambodia’s exports to RCEP members reach ~USD2 billion in Q1 2022
During this time, Cambodia’s top four export destinations were Vietnam, China, Thailand, and Japan
According to data from the Ministry of Commerce, Cambodia’s exports to members of the Regional Comprehensive Economic Partnership (RCEP) totaled ~USD2 billion in Q1 2022, an increase of 11 percent from the same period last year, according to Xinhua.
Cambodian Ministry of Commerce’s undersecretary of state and spokesman Penn Sovicheat cited the RCEP free trade agreement, which was implemented on 1 January 2022, as the major driver for export growth.
“It’s just the start. The RCEP trade deal will give a big boost to our economy in the long term,” he told Xinhua. “Under this mega-pact, Cambodia is projected to see a year’s export growth at 9.4 percent to 18 percent, which will contribute to the national economic growth from two percent to 3.8 percent.”
During this time, Cambodia’s top four export destinations were Vietnam (USD759 million worth of products), China (USD322 million), Thailand (USD318 million), and Japan (USD306 million).
Cambodia’s two-way trade with RCEP members was USD8.1 billion, down two percent from the same period in 2021. The country exported USD1.2 billion worth of goods to ASEAN member states, up 12 percent year-on-year (YoY).
More: Cambodia retains 4.5% economic growth, exports considered a key driver
The Khmer Times reported that from January to April 2022, Cambodia exported 221,138 tonnes of milled rice and 1,648,474 tonnes of un-milled rice, with a total value of USD516.2 million. Forty-eight exporters delivered goods to 54 destinations, with Cambodia exporting the majority of it — 115,255 tonnes to China and Hong Kong, valued at USD62.7 million, or 52.12 percent.
With a value of USD13.9 million, exports to ASEAN countries totaled 21,876 tonnes, or 9.9 percent. The value of exports to other nations reached USD11.7 million, representing 15,452 tonnes, or a share of seven percent.
Fragrant rice exports reached 67.1 percent, followed by white rice (30.1 percent), organic rice (1.7 percent), and steamed rice (1.1 percent).
The Property Report editors wrote this article. For more information, email: [email protected].
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