Logo of Phnom Penh Post newspaper Phnom Penh Post - Mainland link boosts trade with Hong Kong

Mainland link boosts trade with Hong Kong

Mainland link boosts trade with Hong Kong

THE Kingdom’s growing trade with mainland China has also boosted its dealings with Hong Kong, according to Ministry of Commerce officials.

Bilateral trade between Cambodia and Hong Kong increased 28 percent in the first eleven months of 2010, to US$558 million, from $437 million for the same period the year previous, according to statistics from the Hong Kong Development Council (HKDC).

“We saw that the Chinese economy was very strong last year. This enhanced trade between Cambodia and Hong,” said Chea Socheat, chief of the Bureau of ASEAN and Economic Integration at the Ministry of Commerce.

“In fact, we don’t have all that much direct trade with Hong Kong. Investors in mainland China have businesses in Hong Kong – that’s why our bilateral trade with Hong Kong increased that much.”

The statistics show Cambodia imported some $538 million worth of goods from Hong Kong in first eleven months of 2010, a 27 percent increase from $425 million in the same months of 2009. Meanwhile, Cambodian exports rose 66 percent to $20 million during the same period.

The expanding Chinese economy will continue boosting trade between Cambodia and Hong Kong, said Chea Socheat.

“Mainland [China] has lots of businesses in Hong Kong,” he said. “It will increase production here in Cambodia so we grow together.”

Trade between the People’s Republic and Cambodia had surged over 42 percent over the twelve months of 2010, to $1.124 billion from $791 million a year earlier, according to Ministry of Commerce figures obtained last week.

Hong Kong’s main exports to Cambodia were fabrics and plastic products, the statistics show.  Shipments of woven cotton fabrics to the Kingdom increased 33 percent.

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Schools drawn into Manet degree row

    Prime Minister Hun Sen stepped into the Hun Manet-Sam Rainsy war of words over the validity of Manet’s degree from the US Military Academy at West Point, set off by Rainsy’s claims that Manet had received a “second-class degree” or “honorary degree”. Hun

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished