Vietnam, China, Thailand Cambodia's top export destinations in Q1 2022

03 May '22

1 min read

Pic: Shutterstock

The Regional Comprehensive Economic Partnership (RCEP) trade agreement has boosted Cambodia’s economy in a big way, with export to member countries of the pact hitting $1.95 billion in the first quarter (Q1) this year —up by 11 per cent from $1.75 billion over the same period last year. The top three export destinations were Vietnam, China and Thailand.

Cambodian ministry of commerce data showed between January and March this year, the country shipped products worth $759 million to Vietnam, $322 million to China and $318 million to Thailand.

The ministry’s undersecretary of state and spokesman Penn Sovicheat attributed the growth to RCEP. “It’s just the start. The RCEP trade deal will give a big boost to our economy in the long term,” he told a global news wire.

“Under this mega-pact, Cambodia is projected to see a year’s export growth at 9.4 per cent to 18 per cent, which will contribute to the national economic growth from 2 per cent to 3.8 per cent,” he was quoted as saying.

“For Cambodia, China is a huge market for us, especially for our potential agricultural produce such as rice, bananas, mangoes, and cassava as well as industrial products, and processing goods,” Sovicheat added.

Fibre2Fashion News Desk (DS)

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