Cambodia's apparel exports to South Korea up 14% to $191 million in 2022

Cambodia’s trade balance with South Korea has improved in the first quarter of 2023, with decreased imports and higher apparel exports.

The apparel exports to South Korea grew by 14.37 per cent to $191.374 million in 2022.

Cambodia ranked 7th in South Korea’s top apparel suppliers, while South Korea ranked 13th in Cambodia’s top markets for apparel exports.

Cambodia has managed to achieve a better trade balance with South Korea during the first quarter of this year. The decrease in imports from South Korea and higher exports have brought some relief to Cambodia’s economy. Trade data reveals that Cambodia’s apparel exports to South Korea have contributed to the rise in total merchandise exports.

Following a healthy growth in apparel exports to South Korea last year, Cambodian shipments in the first two months of this year reached a level similar to that achieved in the fourth quarter of 2022.

Cambodia’s apparel exports to South Korea increased from $167.151 million in 2021 to $191.374 million in 2022, recording a growth of 14.37 per cent over the previous year. The exports reached $43.104 million in the first two months of 2023, close to the shipment of $43.112 million during Q4 2022. Cambodia’s apparel exports recorded $169.716 million in 2020, $187.650 million in 2019 and $173.889 million in 2018, according to Fibre2Fashion’s market insight tool TexPro.

South Korea ranked 13th in Cambodia’s top markets for apparel exports. The shipment to South Korea accounted for 1.37 per cent ($191.374 million) of Cambodia’s total exports of $13.980 billion in 2022.

Meanwhile, Cambodia was the seventh-largest apparel supplier for South Korea. Apparel imports from Cambodia accounted for 1.57 per cent of the total imports of $12.178 billion in 2022. South Korea’s apparel imports were mainly from China and Vietnam, who supplied 64 per cent of the apparel to the Korean market.