Cambodia-South Korea Trade Valued at US$884 Million Last Year
AKP Phnom Penh, January 18, 2021 --
The bilateral trade between Cambodia and South Korea was valued at US$884 million as of December 2020, a year-on-year decrease of 14 percent.
Figures from the Korean International Trade Association showed that from January to December 2020, Cambodia exported US$317 million worth of products to South Korea, a decline of 18 percent compared to the previous year.
Meanwhile, the Kingdom imported US$567 million worth of goods from South Korea, sliding down 5 percent.
Facing the downward growth of bilateral trade amount in 2020, the two countries have posted high hope of trade growth on the soon-to-be finished draft of free trade agreement.
H.E. Pan Sorasak, Minister of Commerce, has recently said that the two sides are going to finish the draft agreement soon and the two countries are expected to ink the pact within this year.
The comments came after four rounds of FTA negotiations ended with positive progress.
Cambodia’s products exported to South Korea are mostly clothes, footwear, travel goods, beverages, components for electronic equipment, and agricultural products, while the imports from South Korea include vehicles, electronics, kitchen appliances, beverages, pharmaceuticals and plastic products.
The two-way trade between both countries reached US$1 billion in 2019.
By Chea Vannak