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

  • Angkor provides ‘valuable’ water storage

    The Apsara National Authority (ANA) has stored millions of cubic metres of water at reservoirs in the Angkor area after Cambodia experienced a series of rainstorms over the last few days. The storing of the water, besides serving temple conservation, will also be used to

  • Floods prompt evacuations in Kampong Speu

    Rain-induced floods and water flowing from Kampong Speu province have submerged the houses of 1,527 families living close to the Prek Thnot River in Spean Thma, Tien, Kong Noy and Roluos communes in Phnom Penh’s Dangkor district, according to data from local authorities. Spean Thma

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Cintri strike ends, workers’ contracts to be terminated

    CINTRI (Cambodia) Ltd rubbish collectors who have been on strike for the past 13 days agreed to return to work starting Wednesday evening after the company agreed to terminate their contracts at the end of January next year and provide seniority payments and other benefits to