PHNOM PENH (XINHUA) – Cambodia’s foreign trade volume hit USD31.18 billion in the first seven months of 2024, up 15 per cent from USD27.1 billion over the same period last year, said an official report released yesterday.
The kingdom’s total exports amounted to USD14.76 billion during the January-July period this year, up 14 per cent compared to the same period last year, and total imports were valued at USD16.42 billion, up 16 per cent, according to the General Department of Customs and Excise’s report.
China remained the biggest trading partner of Cambodia during the period, followed by the United States (US), Vietnam, Thailand, and Japan, the report said, adding that the Cambodia-China trade volume rose to USD8.72 billion, up 23 per cent.
Cambodian Ministry of Commerce’s Secretary of State and Spokesperson Penn Sovicheat said the Regional Comprehensive Economic Partnership (RCEP) agreement and the Cambodia-China Free Trade Agreement (CCFTA) had been a driving force for this trade growth.
“With tariff concessions provided by the RCEP and the CCFTA, our exports will continue to rise in coming months and years, undoubtedly,” he told Xinhua.
RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states, Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.
