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

  • Proof giants walked among us humans?

    For years a debate has waged about whether certain bas relief carvings at the 12th-century To Prohm Temple, one of the most popular attractions at the Angkor Wat Temple Complex in Siem Reap province, depicted dinosaurs or some rather less exotic and more contemporary animal,

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • Japan bank buys major stake in ANZ Royal Bank

    Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group. Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank. According to a Royal Group