Cambodia-South Korea Trade Reaches $635M

Cambodia-South Korea Trade Reaches $635M

The bilateral trade between Cambodia and South Korea surged 11.33 percent to $635.5 million during the first eight months of this year, as the two countries set to sign their free trade pact next month. Figures from the Korea International Trade Association stated the January-August export of Cambodia to South Korea was valued at $226.2 million, a year-on-year increase of 3.5 percent. Cambodia’s total imports from South Korea rose by 16.2 percent to $409.3 million. Cambodia mainly exported footwear and other apparel, travel products, beverages, electrical and electronic components, rubber, pharmaceuticals and agricultural products to South Korea.

The Kingdom imported vehicles, electronics, kitchen appliances, beverages, pharmaceuticals and finished plastics and products. The two countries wrapped up negotiation on establishment of the bilateral free trade agreement in February. If the Covid-19 situation is better, Cambodian Minister of Commerce Pan Sorasak will lead a delegation to South Korea to sign the pact in October, said Pen Sovichea, the ministry’s spokesman.

“The bilateral trade with South Korea will open up markets for Cambodian products,” Sovicheat said.

The Kingdom made the first bilateral FTA with China. It plans the FTA talks with main trade countries such as Japan and India. Lim Heng, vice-president of Cambodia Chamber of Commerce, said the FTA will not only open up more market to Cambodian products, but also attract investment for producing and exporting.

Khmer Times