Cambodia-Korea trade reaches $762 mil in 2024, 11.49% growth

The bilateral trade volume between Cambodia and South Korea reached $762 million by the end of last year, reflecting an 11.49% increase compared to the previous year. Cambodian exports accounted for $288 million of this total, rising by 13.77%, according to the Ministry of Commerce.

This growth highlights the strengthening trade ties between the two nations, supported by the Cambodia-Korea Free Trade Agreement (CKFTA), which has recently come into effect.

During the first meeting of the CKFTA Joint Committee held in South Korea, procedural measures for the committee were approved, and recommendations from three subcommittees were reviewed. These subcommittees focussed on trade in goods, rules of origin and customs procedures, and economic cooperation.

The meeting emphasised the importance of regular sessions and promoting awareness about the CKFTA to ensure maximum benefits for both countries. The joint committee also agreed to further discussions on initiating negotiations in critical areas, including trade in services and investments.

Plans are underway for Cambodia to host the second CKFTA Joint Committee meeting in 2025. Cambodian officials also intend to meet with leaders from South Korea’s trade and investment promotion agencies to strengthen collaboration.

Looking ahead, both nations aim to boost cooperation in key sectors such as digital technology, electronics, automotive production, agricultural product processing, and food production, all of which are expected to drive mutual economic growth.

In 2023, bilateral trade between Cambodia and South Korea reached $751.38 million. Cambodian exports amounted to $281.14 million, marking a 20.3% increase compared to the previous year. Meanwhile, South Korean imports to Cambodia declined by 13.8% to $470.25 million, according to the General Department of Customs and Excise (GDCE).

Source: Khmer Times