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NEWS

Cambodia-S. Korea latest trade valued at $451 mn

 

Property Invest in Cambodia-Cambodia exported $159 million of goods to South Korea, a contraction of 1.6 percent during the period. South Korea’s exports to the Kingdom rose by 11.9 percent to $292 million.

Lim Heng, vice-president of Cambodia Chamber of Commerce, said: “It is a good move because the two countries are about to sign and implement the upcoming free trade pact.”

Full implementation of the deal would be next year, according to the Ministry of Commerce.

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Under the terms of the deal, tariffs and tax exemptions and other trade barriers will be reduced and trade between Cambodia and South Korea is expected to increase, Seang Thay, the ministry’s spokesman, said recently.

Once the pact is put into effect, more investment from South Korea and other foreign countries will consider coming in and making investments for processing and producing goods for export to South Korea, Heng said.

Cambodia’s major products exported to South Korea are clothes, footwear, travel goods, beverages, electronic appliances, rubber, pharmaceuticals and agricultural products, while its main imports from the country were vehicles, electronics, kitchen appliances, beverages, pharmaceuticals and plastic products.

In 2020, South Korea was the eighth largest export market for Cambodian goods after the US, Japan, China, the UK, Canada, Thailand and Vietnam.

Last year, Cambodia exported $317 million of products to South Korea, a decline of 18 percent compared with the previous year. It imported $567 million from the country, down 5 percent.