Cambodia-Hungary Economic Ties Surge, Reaching Nearly US$8m in the First 11 Months of 2023

• 19 January 2024
• Local News
• 992 Views

In a promising testament to the deepening economic collaboration between Cambodia and Hungary, bilateral trade volume for the first 11 months of 2023 soared to approximately US$7.7 million. This robust figure reflects a notable 9.5% increase compared to the corresponding period in 2022, underscoring the resilience and growth potential of the partnership.

The encouraging data emerged from the outcomes of the second meeting of the Joint Commission on Economic Cooperation between Cambodia and Hungary, held in Budapest on 9 January 2024. During this gathering, both nations reaffirmed their commitment to fortifying key priority areas to elevate the economic alliance.

Cambodia’s export portfolio to Hungary encompasses a diverse range of commodities, including grains, tobacco, electrical appliances, clothing, mechanical equipment, steel, and footwear. In return, Hungary contributes to the trade volume with imports such as medicines, machinery and mechanical equipment, toys, and dairy products.

The collaboration extends beyond trade, with both countries aligning their efforts in crucial sectors. These include (1) trade and economy, (2) credit projects, (3) water resources and environment management, (4) agriculture, (5) international development, (6) financial funds administered by the European Commission, (7) education, youth and sports, (8) culture, and (9) the civil aviation sector.

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