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Robust growth in Cambodia's garment exports to Korea
14
May '12
There has been a huge rise in Cambodian exports to South Korea, mainly driven by garment exports. Garment and footwear sector exports from Cambodia to South Korea soared by 204 percent to US$ 4.9 million during the initial three months of the current year.

This has pushed the Kingdom's overall exports to South Korea to US$ 30 million during the first quarter of current year. This is a 76 percent rise over last year's corresponding period's exports worth US$ 17 million, statistics released by the Korea Trade-Investment Promotion Agency (KOTRA) in Phnom Penh stated.

KOTRA Manager Kim Dohyun said the Cambodian garment industry has expanded with opening of about 20 new Korean garment factories over the last one year, and this is the main reason behind rise in exports.

Korea Chamber of Commerce in Cambodia Chairman Kang Nam-shik said several Korean garment factories have been set up in Cambodia over the last six months, attracted by Cambodia's labour quality and low-wages.

He said despite a rise in wages in the Kingdom, they are still below wages in other countries in the region like China and Vietnam. Eyeing Cambodia as a lucrative destination, several other garment entrepreneurs from Korea are also pondering on setting up their units in the Kingdom, Mr. Nam-shik said.

Although Cambodian exports to Korea have grown substantially, imports still dominate the trade between the two countries. Imports from Korea for the review period surged at a year-on-year rate of 29 percent to US$ 130 million from US$ 101 million.

Overall trade between the two economies for the quarter soared by 36 percent from last year's US$ 117.3 million to US$ 159.9 million during the first three months of 2012.

Mr. Dohyun attributed such rise in trade volume between the two countries to the Kingdom's resurgent economy and a free-trade agreement between the two economies.

Fibre2fashion News Desk - India


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