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

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Ministry mulls ASEAN+3 travel bubble

    The Ministry of Tourism plans to launch a travel bubble allowing transit between Cambodia and 12 other regional countries in a bid to resuscitate the tourism sector amid crushing impact of the ongoing spread of Covid-19, Ministry of Tourism spokesman Top Sopheak told The Post on

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • Quarantine site in north Phnom Penh inaugurated

    A four-building quarantine centre in Phnom Penh’s Prek Pnov district was formally inaugurated on January 6. The centre can house up to 500 people, according to Phnom Penh municipal governor Khuong Sreng. At the inauguration ceremony, Sreng said the municipal hall had cooperated with the Ministry

  • ‘Beware of WhatsApp fraudsters’

    The Ministry of Posts and Telecommunications warned members of the public who use WhatsApp to vigilantly guard against a new trick employed by hackers that involves the use of six-digit codes sent to potential victims via the popular messaging app. The ministry said hackers could