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Cambodia-South Korea bilateral trade reaches $724 Million in first 10 months

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The two-way trade between Cambodia and South Korea was valued at $724 million in the first ten months of this year, a year-on-year decrease of 16 percent.

Figures from Korea International Trade Association (KITA) showed that from January to October 2020, Cambodia exported $267 million worth of products to South Korea, down 5 percent compared to the same period last year.

Meanwhile, Cambodia imported $457 million worth of goods from South Korea, a 21 percent decrease.

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

Last year, the bilateral trade between both countries rose by 6 percent to more than $1 billion, of which the Kingdom exported $336 million worth of goods.

The bilateral trade volume of the two countries is expected to increase high once the ongoing talks on free trade agreement (FTA) complete and the pact comes into effect.

Cambodia and South Korea have just wrapped up the fourth round of their FTA negotiations.

Pan Sorasak, Minister of Commerce, said recently that the result of the negotiations showed positive progress and only points related to customs remained which will be discussed in the upcoming talks. Chea Vannak – AKP

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