PHNOM PENH: Korea has become Cambodia’s 14th largest trading partner in 2022, as the bilateral trade volume posted US$780 million, inching up 0.6 percent.
Cambodia exported US$234 million worth of goods to Korea last year, a 20.4 percent increase year-on-year, while its imports decreased by 6 percent to US$545 million, stated the Cambodia-Republic of Korea Trade Statistics and Facts of the Ministry of Commerce issued last week.
Cambodia got preferential tariff treatment on exports to Korea via the Cambodia-Korea Free Trade Agreement, Regional Comprehensive Economic Partnership, ASEAN-Korea Free Trade Agreement, and the Generalised System of Preferences under the WTO framework.
Cambodia’s main products exported to Korea are footwear, clothes, electrical equipment, and aluminum, while its major imports include vehicles, beverages, fur skins and leather, electrical machinery and equipment, and knitted fabrics, read the report.
The Cambodia-Korea Free Trade Agreement, which came into force last December, plays an important role in encouraging more investors from Korea to invest in the Kingdom for export to Korea.