Cambodia’s Exports Surpass US$4.5bn in First Seven Months of 2023

• 26 August 2023
• Local News
• 1215 Views

Cambodia’s exports to fellow ASEAN Member States (RCEP) have surged impressively, crossing the remarkable threshold of US$4.59 billion during the initial seven months of 2023. This remarkable upswing, reflecting a robust 21% increase from the analogous period in 2022, was eloquently underscored by HE Pan Sorasak, Minister of Commerce. He shared this pivotal insight during the August inauguration ceremony of the book “Asip: Part 1: Political Geography, Economic Geography and Legal Analysis,” on 19 August 2023.

Minister Sorasak perceptively highlighted Cambodia’s steadfast commitment to the ideals of regional and global economic integration, a dedication that has gained momentum since the nation’s induction into the ASEAN fold in 1999. With commendable alacrity, Cambodia has actively championed the amplification of ASEAN markets and the consolidation of unified production bases, simultaneously bolstering the stature of ASEAN as an epicenter for thriving trade, strategic investment, and an integral player within the global supply chain.

The minister, in his address, also revisited the landmark ASEAN Chairmanship of 2012, wherein Cambodia deftly brokered agreements amongst its ASEAN trade allies, thereby instigating negotiations for the much-lauded ASEAN Economic Community (AEC) partnership agreement. An ardent testament to perseverance, this monumental accord was crystallized after a concerted eight-year-long endeavor.

Moreover, it remains amply clear that ASEAN’s role is not confined to regional impact. This dynamic conglomerate is poised to significantly shape the trajectory of global economic integration. By nurturing sustainable growth, fostering environmental resilience, and steadfastly resisting the undertow of anti-globalization and protectionist sentiments, ASEAN is manifesting its resolute commitment to global economic welfare.

With an impressive GDP of US$26.2 trillion, ASEAN enjoys influence as the world’s premier trading bloc, commanding a staggering 30% of global GDP, 28% of international trade, and a formidable 32.5% of worldwide investments.

• Business and Market
• Economy and Finance