The value of garment exports from Cambodia to South Korea is currently negligible, however, a free trade agreement (FTA) between the two countries is expected to enter into force this year, boosting Cambodia’s exports of goods. In the first five months of this year, Cambodia’s garment exports to South Korea were worth $79.228 million.
Cambodia exported $111.35 million worth of goods to South Korea in January-June this year, up 22 percent year-on-year, according to data from the General Department of Customs and Excise in Cambodia. Bilateral trade increased by 13.6 percent to $421.33 million during the six-month period.
Cambodia has completed the internal procedures for the FTA, and once South Korea completes the process, an announcement will be made that the agreement will enter into force in 60 days.
As part of the free trade agreement, South Korea agreed to eliminate tariffs on 95.6 percent of products imported from Cambodia, while Cambodia will eliminate tariffs on 93.8 percent of imported goods. Cambodia imported more than $600 million worth of goods from South Korea in 2021, while its exports to the East Asian country reached $341 million.
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