Logo of Phnom Penh Post newspaper Phnom Penh Post - Trade with Korea fell more than 11pc in first 10 months

Trade with Korea fell more than 11pc in first 10 months

Trade with Korea fell more than 11pc in first 10 months

091203_08
Containers wait at Sihanoukville Autonomous Port at the end of last month. Cambodia increased exports to South Korea 21.3 percent in the first 10 months year on year as rubber shipments soared.

Decline less severe than those with other trade partners as Kingdom manages to raise exports despite global downturn

BILATERAL trade between Cambodia and South Korea, fell 11.63 percent over the first 10 months of this year, according to statistics released Wednesday by the Korea Trade Investment Promotion Agency (KOTRA), a division of the country’s embassy in Phnom Penh.

Although not as severe as the decline experienced with bigger trading partners Thailand and Vietnam over the same period, trade with South Korea – the Kingdom’s second-largest foreign investor – fell to US$232.8 million up to the end of October from $263.4 million over the same period in 2008.

Lee Hyoung Seok, KOTRA’s deputy director in Cambodia, was unavailable for comment Wednesday.

Cambodian exports, a tiny fraction of the trade between the two countries, increased 21.3 percent in the first 10 months to $14.48 million from $11.94 million last year as the Kingdom shipped 11.8 percent more garments and accessories to South Korea. Exports of rubber soared 42.2 percent, and metal products fell 27.4 percent, the data showed.

South Korea’s exports were down 13.2 percent over the same period to $218.3 million from $251.49 million.

“Korean products are very good in quality. However, the price is higher compared to other imported products from the likes of Vietnam or Thailand because of the high transportation costs involved,” said Mao Thora, secretary of state at the Ministry of Commerce.

Cambodia imported 4.2 percent fewer garments from South Korea up to the end of October compared with last year, and 44.4 percent fewer automobiles. Imports of fibre climbed 24 percent over the same period.

In 2008, total bilateral trade between the two countries hit $308.76 million from $290.12 million the previous year, an increase of 6.42 percent.

MOST VIEWED

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • Khmer cinema classics back on big screen for free at WB Arena’s outdoor movies series

    On a recent Saturday evening at WB Arena, Bunsong was enjoying a tasty BBQ meal with his family after work on the long tables that had been arranged out in front of the restaurant as they watched a Khmer action movie on a big outdoor

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the