Mainland link boosts trade with Hong Kong

via CAAI

Tuesday, 25 January 2011 15:00 May Kunmakara

THE Kingdom’s growing trade with mainland China has also boosted its dealings with Hong Kong, according to Ministry of Commerce officials.

Bilateral trade between Cambodia and Hong Kong increased 28 percent in the first eleven months of 2010, to US$558 million, from $437 million for the same period the year previous, according to statistics from the Hong Kong Development Council (HKDC).

“We saw that the Chinese economy was very strong last year. This enhanced trade between Cambodia and Hong,” said Chea Socheat, chief of the Bureau of ASEAN and Economic Integration at the Ministry of Commerce.

“In fact, we don’t have all that much direct trade with Hong Kong. Investors in mainland China have businesses in Hong Kong – that’s why our bilateral trade with Hong Kong increased that much.”

The statistics show Cambodia imported some $538 million worth of goods from Hong Kong in first eleven months of 2010, a 27 percent increase from $425 million in the same months of 2009. Meanwhile, Cambodian exports rose 66 percent to $20 million during the same period.

The expanding Chinese economy will continue boosting trade between Cambodia and Hong Kong, said Chea Socheat.

“Mainland [China] has lots of businesses in Hong Kong,” he said. “It will increase production here in Cambodia so we grow together.”

Trade between the People’s Republic and Cambodia had surged over 42 percent over the twelve months of 2010, to $1.124 billion from $791 million a year earlier, according to Ministry of Commerce figures obtained last week.

Hong Kong’s main exports to Cambodia were fabrics and plastic products, the statistics show. Shipments of woven cotton fabrics to the Kingdom increased 33 percent.