Cambodia-S Korea bilateral trade jumps by 22.8% in Q1 2022

21 Apr '22

2 min read

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Cambodia-South Korea bilateral trade surged by 22.8 per cent to $234.4 million in the first quarter (Q1) of this year, according to figures from the general department of customs and excise in Cambodia, which exported $61.3 million worth of goods to South Korea in the duration—a 22.2 per cent increase compared to the same period last year.

Cambodia imported $173 million worth of goods from South Korea—a 23.1 per cent rise, a Cambodian newspaper reported.

The two countries are expected to see an increase in bilateral trade volume once the Cambodia-Korea Free Trade Agreement is put into force, Cambodian ministry of commerce spokesman Penn Sovicheat said recently. Cambodia has already ratified the FTA and South Korea is in the process of ratifying it.

South Korea is Cambodia’s main market for agricultural products, clothes and footwear, Sovicheat said. South Korea’s major exports to Cambodia include cars, machinery, textiles and agricultural and marine products.

South Korea had pledged to expand economic and trade cooperation with Cambodia after signing the agreement last year, said South Korean President Moon Jae-in in a meeting with Cambodian Prime Minister Hun Sen in Seoul in February.

According to the Korean International Trade Association, bilateral trade between Cambodia and Korea topped $965 million in 2021, a year-on-year increase of 9 per cent.

Fibre2Fashion News Desk (DS)

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