Logo of Phnom Penh Post newspaper Phnom Penh Post - Q1 Hungary trade reaches $2.23M

Q1 Hungary trade reaches $2.23M

Content image - Phnom Penh Post
Commerce ministry secretary of state Ok Bung (third left) and Hungarian ambassador Csaba Ory (second right) at Friday’s meeting. COMMERCE MINISTRY

Q1 Hungary trade reaches $2.23M

Cambodia and Hungary on May 27 reaffirmed their vows to strengthen and further develop economic and trade cooperation after a reported dip in trade last year pinned on the global Covid-19 crisis.

The commitment was made at a meeting between Ministry of Commerce secretary of state Ok Bung and outgoing Hungarian ambassador Csaba Ory to exchange views on the status of bilateral cooperation in the fields of economy and trade.

Bung revealed that although bilateral trade between Cambodia and the EU member state rose 32 per cent to $4.43 million in 2020 from a year earlier, that figure declined “slightly” in 2021 before improving this year, registering about $2.23 million in the first three months.

He spotlighted Hungary as a noteworthy EU buyer of Cambodian merchandise, highlighting what he described as the smooth running and fruitful results of two major bilateral meetings.

These were the First Session of the Cambodia-Hungary Joint Committee on Economic Cooperation on January 20-21 last year, and the 1st Virtual Business Meeting between Cambodia and Hungary on February 15, 2022.

Moreover, Bung added, Budapest has significantly advanced bilateral cooperation with the Kingdom in key areas such as socio-economic development, education and cultural matters since the overthrow of the Khmer Rouge in 1979.

As it transitions to a “new normal” of life with Covid-19, Cambodia will seek to leverage trade and investment for economic recovery and national development, Bung remarked.

Accordingly, the ministry and the wider government are pursuing a trade diversification agenda that centres on the establishment of bilateral, regional and multilateral free trade agreements (FTA) in line with legal and regulatory reforms that are tailored to improve the Cambodian business and investment environment, he said.

The ambassador expressed a strong commitment to continue fortifying and expanding Cambodia-Hungary relations to unleash their full potential, especially in the field of trade, as well as encouraging Hungarian businesspeople and investors to explore the trade, investment and tourism-related opportunities offered by the Kingdom.

Royal Academy of Cambodia economics researcher Ky Sereyvath told The Post on May 30 that the list of items traded between the two countries was relatively extensive, although individual volumes were quite small.

He said milled rice accounts for 25-30 per cent of Cambodian exports to Hungary, with garments representing a significant portion as well.

Sereyvath also seemed to suggest that Hungary should offer preferential trade arrangements to Cambodia to encourage the flow of goods between the two countries, in light of the EU’s partial withdrawal of the Kingdom’s access to the Everything But Arms (EBA) trading scheme on August 12, 2020, in a suspension that affects one-fifth or €1 billion ($1.07 billion) of the Kingdom’s annual exports to the 27-nation bloc.

Annual bilateral trade between the two countries has remained tilted in Cambodia’s favour, increasing roughly two-fifths between 2019 and 2020 to $4.7 million, according to Trading Economics.

Cambodian imports from and exports to Hungary in 2020 were to the tune of $1.16 million and $3.56 million, respectively, rising by more than one-half and over three-quarters, the latest figures on the statistics website indicate.

In 2020, “electrical, electronic equipment” accounted for the largest share of Cambodia’s exports, at 46 per cent or $1.64 million, while “pharmaceutical products” made up the biggest proportion of the Kingdom’s imports, at 50 per cent or $0.57873 million.

Significant entries on the list of Cambodian exports to Hungary, “cereals” accounted for $1.23 million, while the categories of “articles of apparel, knit or crocheted” and “articles of apparel, not knit or crocheted” totalled $0.1015 million.


  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports