During the initial ten months of 2023, South Korea saw a 12.9 percent increase in apparel imports from Cambodia, constituting 1.79 percent of its overall $10.259 billion imports.
In comparison, Cambodia held a 1.57 percent share of South Korea’s $12.189 billion imports in 2022.
Trousers and shorts dominated the 2023 South Korean apparel imports, accounting for a significant 30.02 percent share.
Accordingly, Exports from Cambodia to South Korea continued to increase, with the total reaching over $253 million in the first 11 months of 2023.
Chea Chandara, president of the Logistics and Supply Chain Business Association (LOSCBA), attributed the current decline in international trade to the ongoing global political and economic crises.
Nevertheless, he noted that production and transportation remain unaffected, with the primary issue being reduced international orders.
During the global economic downturn, Cambodia has invested significantly in travel and transportation infrastructure, such as roads, airports and ports. These developments are expected to contribute substantially to national economic growth once the global situation improves.
In 2022, bilateral trade between the two nations totaled $778.924 million, a slight increase of 0.6% compared to 2021.
Cambodian exports were valued at $233.638 million, up by 20.4%, while Korean imports stood at $545.286 million, a decrease of 6%, according to the GDCE.
SOURCE: CLICK HERE