Trade with Hong Kong down 24pc to end July

(Post by CAAI News Media)

Wednesday, 07 October 2009 15:01 Nguon Sovan

BILATERAL trade between Cambodia and Hong Kong dropped 24.39 percent in the first seven months year on year, the most up-to-date figures available, according to data released Tuesday by the Hong Kong Trade Development Council.

Trade between the two fell to US$288 million from $380.94 million last year, the figures showed, with Cambodia maintaining a significant trade imbalance with the Chinese territory, despite a 65.3 percent rise in exports over the period.

Hong Kong’s total exports to the Kingdom fell to $279 million from $375.5 million, while Cambodia's shipments in return increased to $9 million from $5.44 million during the year up to the end of July. The figures were released Tuesday at a press conference to attract Cambodian companies to hold trade exhibitions in Hong Kong.

“The drop was because of the global financial crisis. However, now trade between Cambodia and Hong Kong is becoming stable because the economy is not so bad; it may not drop further,” Johnny Wan, senior exhibitions manager at the Hong Kong Trade Development Council, said after the event.

Cambodia’s main exports to Hong Kong were food items, garments and footwear, and gemstones, he said, with the territory exporting raw materials for garments and apparel back to the Kingdom along with telecommunications equipment, machinery and motorcycles in particular.

“Cambodia has so many good products, but foreigners may not know much about them, so Cambodia should promote more … through trade shows and marketing,” Wan said.