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Cambodia exports to South Korea up 22% H1
Cambodia exports raw agricultural products including rubber, fruits and starches to South Korea as well as electrical and electronic components. The Kingdom relies on South Korea for advanced electronic and assembled goods that require highly developed technology
Cambodia exported $111.35 million worth of merchandise to the Republic of Korea in the first half of this year, a 22 percent increase year-on-year, according to a report by the General Department of Customs and Excise.
The trade volume has increased by 13.6 percent to $421.33 million for the period. The Cambodian government is keen to boost exports under the bilateral free trade agreement with Korea which is expected to be put into force this year.
Cambodia and Korea had signed the draft FTA negotiation and Cambodia concluded the internal procedures by February this year.
The Kingdom currently awaits the Korean side to finalise the procedures, said Penn Sovicheat, Under-Secretary of State of the Ministry of Commerce.
Once the internal procedures are completed and notified, the FTA will come into force in 60 days.
Under the FTA, South Korea agreed to remove tariffs on 95.6 percent of products imported from Cambodia while Cambodia will eliminate duties on 93.8 percent of imported goods.
Cambodia exports raw agricultural products including rubber, fruits and starches to South Korea as well as electrical and electronic components. The Kingdom relies on South Korea for more advanced electronic and assembled goods that require highly developed technology.
Cambodia has the potential to become an automotive and electronic component production hub and can complement its neighbours, Thailand and Vietnam, who have well-established automotive and electronic manufacturing centres.
“We are planning to expand the exports of industrial products to Korea and Japan. We will ensure high-quality products with international standards,” Sovicheat said.
Cambodia, meanwhile, imported goods worth over $600 million from South Korea in 2021 while the exports to the East Asian nation reached $341 million.
Source: https://www.khmertimeskh.com/501119197/cambodia-exports-to-south-korea-up-22-h1/