Cambodia and Korea Strengthen Economic Partnership in 2024

• 10 January 2025
• Local News
• 172 Views

The bilateral trade volume between Cambodia and the Republic of Korea has surged to USD 762 million by the end of 2024, marking an impressive increase of 11.49 percent compared to the previous year, according to a report from the Ministry of Commerce.

Cambodia’s exports to Korea have reached USD 288 million, reflecting a robust growth of 13.77 percent. Simultaneously, imports from Korea have also risen to USD 474 million, maintaining the same growth rate. This upward trend underscores the deepening economic ties between the two nations.

During the recent inaugural meeting of the Joint Committee under the Cambodia-Korea Free Trade Agreement, officials from both countries expressed their commitment to further collaboration. They agreed to initiate discussions on trade, services, and investment, with plans for the second Joint Committee meeting scheduled to take place in Cambodia in 2025.

In addition to these discussions, the Joint Committee is set to engage with the President and CEO of the Korea Trade Promotion Agency to explore opportunities for enhanced cooperation in key sectors such as digital technology, electronics, automotive, and agricultural processing.

In 2023, the bilateral trade between Cambodia and Korea amounted to USD 751.38 million. Cambodia exported USD 281.14 million to Korea, registering a remarkable 20.3 percent increase, while imports from Korea totaled USD 470.25 million, which saw a decrease of 13.8 percent.

As the economic partnership between Cambodia and Korea continues to flourish, both nations anticipate further growth in trade volume and strengthened cooperation—fostering economic development and mutual benefits for years to come.

• Business and Market
• Economy and Finance
• Cooperation and networking