Bilateral trade between Cambodia and South Korea reached $111.324 million in the first month of 2022, a 31.026 per cent surge from $84.963 million in January 2021, according to data from the Korea International Trade Association (KITA). This also marked a 16.384 per cent rise from $95.652 million in December 2021.
In January 2022, Cambodian exports to South Korea amounted to $33.024 million, up by 0.993 per cent year-on-year from $32.699 million and 1.802 per cent month-on-month from $32.439 million.
Meanwhile, imports clocked in at $78.300 million, rising by 49.816 per cent year-on-year from $52.264 million and 23.867 per cent month-on-month from $63.213 million.
Cambodia’s trade deficit with South Korea stood at $45.276 million in January, widening by 131.414 per cent year-on-year from $19.565 million and 47.127 per cent month-on-month from $30.773 million.
In general, Cambodia’s major exports to South Korea comprise garments, footwear, travel products, beverages, spare parts, electronics, rubber, pharmaceutical and agricultural products, while key imports include automobiles, electronics, kitchen appliances, beverages, pharmaceutical and plastics, according to the Ministry of Commerce.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post on February 28 that although the Kingdom’s exports to South Korea in January were less than half the value of imports – or 42.176 per cent – the uptrend in bilateral trade in spite of the Covid-19 crisis substantiates the two countries’ strong position as trading partners.
On the other hand, he said, the items that Cambodia imports from South Korea are used in the production of goods for export to international markets.
“Bearing in mind that Cambodia is a developing country, the need for it to import some products from abroad to support its production chain is certainly high,” he said.
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Author: Hin Pisei
Source: The Phnom Penh Post
Publication date: 28 February 2022