Cambodia-Korea Trade Increases 9 Percent in 2021

Cambodia-Korea Trade Increases 9 Percent in 2021

Bilateral trade between the Kingdom of Cambodia and the Republic of Korea topped $965 million in 2021, a year-on-year increase of 9 percent.

The figure from the Korean International Trade Association showed that Cambodia exported $341 million worth of goods to South Korea last year, up 7.4 percent.

The Kingdom imported $623 million worth of goods from South Korea, a 9.9 percent year-on-year increase.

Cambodia primarily exported footwear and other apparel, travel goods, beverages, electrical and electronic appliances, rubber, pharmaceuticals, and agricultural products to the East Asia nation.

The Kingdom imported vehicles, electronics, kitchen appliances, beverages, pharmaceuticals, and finished plastic products from the country.

The two countries in October signed the bilateral free trade agreement expected to take effect this year, particularly with bigger trade volume.

Trade between the two countries is expected to increase to greater heights once the FTA, signed into law by the King earlier in the week, takes effect in April.

The promulgation of the Law on the Approval of the Free Trade Agreement between Cambodia and South Korea paves the way for Cambodia and South Korea to fully implement free trade between the two countries.

A free trade agreement between Cambodia and South Korea was discussed and drafted by the two countries’ expert working group last year. AKP