Korea trade keeps on climbing

[PHNOM PENH POST]

CAMBODIA’S trade with South Korea grew 38 percent in the first half of 2011 on the same period last year, according to Korea Trade-Investment Promotion Agency (KORTA) statistics.

The growth is partly due to increasing numbers of South Korean importers seeking business in Cambodia, KOTRA’s Cambdia Director General Gwang-Ho Lee said.

“Korean importers are increasingly looking towards setting up export businesses involving garment manufacturing and natural rubber, seafood and agricultural products.”

About 600 Korean companies are now based in the Kingdom, he said.

Gwang-Ho Lee added that there has been a recent increase in Korean cars exports to the Kingdom in particular.

Total bilateral trade reached US$243.1 million from January to June, from $175.8 million in the same period last year, KOTRA figures show. Cambodia’s exports to South Korea increased 51 percent, hitting $34.2 million, while imports to the Kingdom rose about 37 percent to $208.9 million.

Garment materials, clothing accessories and tobacco products are among South Korea’s other main exports, while Cambodia primarily exports agricultural products, crude rubber and footwear, according to the data.

The close economic and political relationship continues to further strengthen bilateral trade between the countries, director of the Commerce Ministry's Department of Statistics and Information Kong Putheara said.

“With Korea’s economy seeing a full recovery, it is seeking out countries in the region, such as Cambodia, which has the potential for consistent growth."