Cambodia's trade with RCEP countries rises to $14.17 billion

Economy and Industry

Cambodia's trade with RCEP countries rises to $14.17 billion A Ministry of Commerce report released indicated that Cambodia's trade with Regional Comprehensive Economic Partnership (RCEP) countries rose to $14.17 billion in the first five months of 2024, a 14.2% increase from $12.4 billion over the same period last year. Trade with RCEP members accounted for 65.6% of Cambodia's $21.6 billion total trade volume from January to May this year. The nation exported $3.97 billion worth of products to RCEP countries, a 12.4% rise from $3.53 billion last year, while imports from these countries grew by 14.9% to $10.2 billion. China, Vietnam, Thailand, Japan, and Singapore are Cambodia's top trading partners under the RCEP. Ministry of Commerce Secretary of State Penn Sovicheat highlighted the RCEP's role in boosting Cambodia's trade and attracting foreign investments. Thong Mengdavid from the Royal University of Phnom Penh noted that the RCEP significantly supports regional economic integration and growth. Established in 2022, the RCEP includes 15 Asia-Pacific countries, among them 10 ASEAN states and partners like China, Japan, South Korea, Australia, and New Zealand. (Source: Khmer Times)

Exports increased 10.8% in the first five months of 2024 Cambodia exported products worth $10.18 billion in the first five months of 2024, marking a 10.8% increase from $9.18 billion over the same period last year, according to a Ministry of Commerce report released on Wednesday. Key exported items included garments, footwear, travel goods, bicycles, and agricultural produce such as rice, rubber, cassava, bananas, mangoes, and longans. The top five destinations for these exports were the United States, Vietnam, China, Japan, and Thailand, showcasing Cambodia's diverse trade relationships. The report also indicated balanced trade growth, with total imports reaching $11.43 billion during the January-May period, a 13% increase from last year. Meanwhile, key imported goods included petroleum, raw materials for garments, footwear, travel goods, vehicles, machinery, electronic appliances, and consumer products. (Source: Khmer Times)

Cambodia seeks to expand agricultural exports to the US Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of the Council for the Development of Cambodia (CDC), urged Patrick Murphy, Executive Vice President of Rice and Grain Global Sourcing at Otis McAllister, and Song Saran, Chairman of the Cambodia Rice Federation, to expand exports of Cambodian agricultural products, including pepper, bananas, and cashew nuts to the U.S. Additionally, Deputy PM Chanthol also highlighted the Royal Government of Cambodia's commitment to developing infrastructure to enhance logistics and competitiveness. Murphy acknowledged the potential of Cambodian rice and committed to continuing imports based on U.S. demand, and Uon Silot, President of the Cashew Nut Association of Cambodia, noted challenges in meeting large orders due to limited processing capacity and investment capital, with efforts underway to attract more investment and establish processing factories. (Source: Khmer Times)

Corporate News

Sokimex Group has invested over $800 million to develop Bokor Mountain The Sokimex Group has invested about $800 million to develop Bokor Mountain in Kampot province, aiming to transform it into a premier tourist destination. Although the investment has not yet been recouped, Sokimex owner Sok Kong is optimistic about the project's potential. Say Sophotra, Director of Sales and Marketing at Sokha Hotel and Sokha Real Estate, highlighted four key factors that could elevate Bokor Mountain to global tourist prominence within five years. The company is collaborating with Japanese firms to implement environmentally friendly waste processing techniques. Current projects include the construction of a 108-meter-tall Buddha statue, the tallest in Asia, along with residential areas, schools, hospitals, roads, and dams, all while preserving the mountain's historical sites. (Source: Khmer Times)

Stock Market

CSX index closes down 0.35% amid mixed performances On June 6, 2024, the CSX index closed at 408.9 points, down 0.35% from the previous day. The main board saw gains in PEPC (+2.69%), PPSP (+0.45%), and PPAP (+0.30%), while PWSA (-4.09%), GTI (-2.99%), PEPC (-0.49%), PAS (-0.32%), and ABC (-0.27%) experienced declines. CGSM remained unchanged. On the growth board, DBDE and JSL were down by 0.45% and 7.94%, respectively. The total trading volume was 78,496 shares, with a cumulative trading value of KHR 504 million. (Source: YSC Research)

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