South Korean trade surges

Photo by: Pha Lina
South Korean car manufacturer SsangYong's showroom on Kampuchea Krom Boulevard in Phnom Penh.

via CAAI

Sunday, 28 November 2010 18:14 May Kunmakara

Growing trade in textiles and automobiles has contributed to a 45 percent surge in bilateral trade between Cambodia and South Korea in the first ten months of this year, over the same period of last year.

Data from Korean Trade-Investment Promotion Agency, received by The Post late last week, showed trade had increased to around US$38.311 million from January to October this year, from around $26.431 million in 2009.

Korean exports to Cambodia rose 41.2 percent to $34.776 million, from around $24.467 million.

Meanwhile, Korean imports from the Kingdom increased by 80 percent to $3.335 million from $1.964 million, according to the statistics.

“Textile, rubber and cars are the main products [accounting for the growth],” said Nam-Shik Kang, president of Korean Chamber of Commerce, late last week.

He also pointed to a close relationship between the two nations, which he said had contributed to a positive business environment.

“We are seeing good cooperation between two countries, both politically and in business terms, and hope to keep [it] going for more 10 years,” he said. Korea’s main exports to the Kingdom were yarn and fabrics, which were up 36.4 percent, road vehicles, which increased by 289 percent, and machinery, which rose around 93 percent.

Cambodia’s main products were garments, up 82 percent, metal products, which increased by 96 percent, and crude rubber, which was up a huge 3,022 percent.

Nam-Shik Kang hoped that Cambodian exports to Korea would increase by about 150 percent over the next year, while the Korean export would rise by 20 percent

“Next year there will be growth more in both exports and imports because many of Korean investors are turning to Cambodia from China and Vietnam,” he added.

Sok Sopheak, director general of Cambodia’s Foreign Trade Department, could not be reached for comment yesterday.

Earlier this year, data showed that the number of working migrants travelling to South Korea was also on the increase.

Heng Sour, who is chief of the Labour Ministry’s overseas manpower unit, said that between January and mid-August, the government sent 897 workers to South Korea, up from 780 in the same period of 2009, as its economy improved.