Cambodia-China trade sees robust growth in the first half of 2024
Cambodia-China trade sees robust growth in the first half of 2024
Cambodia and China have witnessed a substantial increase in bilateral trade during the first half of 2024, according to an official report released on Wednesday by the General Department of Customs and Excise.
The two-way trade volume reached $7.31 billion between January and June this year, marking an 18.8 percent rise from $6.15 billion during the same period last year.
The report highlighted that China continues to be Cambodia’s top trading partner, followed by the US, Vietnam, Thailand and Japan.
Penn Sovicheat, Secretary of State and spokesperson for the Ministry of Commerce, attributed this growth to the Regional Comprehensive Economic Partnership (RCEP) agreement and the Cambodia-China Free Trade Agreement (CCFTA).
“Under the two free trade pacts, our products, especially high-quality agricultural produce such as milled rice, yellow bananas, mangoes, longans, cassava and pepper, have been exported to China with preferential tariffs,” Sovicheat said.
Kin Phea, director general of the International Relations Institute of Cambodia, a think tank under the Royal Academy of Cambodia, noted the long-standing strong economic and trade relations between Cambodia and China.
“The RCEP and the CCFTA have played a significant role in unleashing trade dividends,” Phea told Xinhua. “The increase in bilateral trade has provided greater benefits to the two countries and their peoples, injecting stronger impetus into building a Cambodia-China community with a shared future.”
