WEEKLY ECONOMIC UPDATED
Updated: 02 Nov-08 Nov,2019

TRADE & COMMERCE | Cambodia-US Trade Up 37 pct in First Nine Months

Two-way trade between Cambodia and the United States reached $4.3 billion in the first nine months of 2019, an increase of 37 percent compared with the same period last year, the latest data from the US government shows. From January to September, Cambodia’s shipments to the United States rose by 38 percent to $3.9 billion, while imports from the US were valued at $400 million, a 24 percent increase. According to the Cambodian Ministry of Commerce, Cambodia mostly exports textiles, footwear, travel goods, and agricultural products to the US, while this one ships mostly vehicles, animal feed, and machinery to the Kingdom. Speaking to Khmer Times yesterday, Kaing Monika, deputy secretary-general for the Garment Manufacturers Association in Cambodia (GMAC), said trade between the nations is experiencing healthy growth. “Trade with the US continues to grow for all items exported,” he said, noting, however, that travel goods experienced the highest growth because they have tariff-free access to the US market under the Generalized System of Preferences (GSP). (Nov 07, 2019 | Khmer Times)

TRADE & COMMERCE | Nation Set to Ink Agreement with Russia-Led Economic Bloc

Thousands of Cambodian products could soon be shipped duty-free to the Eurasian Economic Union (EAEU) market, a huge free-trade bloc, after the Kingdom made moves to sign an agreement with the union. The potential free-trade agreement (FTA) was disclosed during a discussion between Cambodian Prime Minister Hun Sen and his counterpart Dmitry Medvedev, the Russian Prime Minister. The talk was held on the sidelines of the Asean Business and Investment Summit in Thailand’s Bangkok on Sunday. Mr Hun Sen said Russia has taken big efforts to support the negotiations. “We would also like to thank Russia’s principle support for efforts in helping to negotiate the free trade agreement between Cambodia and the union,” he was quoted as saying in a Facebook post. (Nov 06, 2019 | Khmer Times)

TRADE & COMMERCE | Cambodia Seeking Stronger Economic, Trade Ties with US

The Cambodian government has called on more US investors to build economic and trade relations with the Kingdom, the Ministry of Commerce said. The call was made at a meeting between the US Ambassador to Cambodia Patrick Murphy and Minister of Commerce Pan Sorasak during the 7th Asean-US Summit in Thailand on Sunday. During the meeting with Murphy, Sorasak urged Americans to invest more in Cambodia. “We urge the American business sector to invest more in Cambodia and participate in trade fairs and business matching to promote growth,” he said. Sorasak said the US is committed to further promoting trade relations with Cambodia. “In response, the ambassador highly appreciated the cooperation of the two sides and vowed to further promote economic and trade relations,” he said. (Nov 04, 2019 | Phnom Penh Post)

TOURISM | Mane Hariharalaya Village Resort Returns Guests to A ‘Blissful Age’

Imagine a row of traditional wooden bungalows sitting next to paddy fields in a serene environment at the heart of the ancient Khmer Empire where poetry and history collide. This might just be your dream holiday destination, especially if you are a nature lover or history enthusiast. Mane Hariharalaya, a village-style resort with 34 luxurious traditional Khmer bungalows is the perfect escape from the hustle and bustle of modern day Phnom Penh. The 7ha grounds are located in Roulos town, some 13km east of Siem Reap town, where Hariharalaya, the fabled capital of the Khmer empire during the reign of King Jayavarman II, once stood. Mane Hariharalaya founder Key Mane told The Post: “Some city people get tired of the tall buildings, noise and pollution. When planning a holiday, they look for a tranquil environment surrounded by lush greenery.”  ( Nov 06, 2019/ Phnom Penh Post)

TOURISM | Foreign Tourists Up 10 pct in Q3

The number of foreign tourists visiting Cambodia rose by 10 percent during the first nine months of the year, according to the latest report from the Ministry of Tourism, as the Chinese continue to top the list of tourist arrivals. According to the report, 4.8 million foreign holidaymakers visited the Kingdom from January to September. More than 3 million of these tourists arrived through one of Cambodia’s three international airports, the report notes. The international airport in Phnom Penh handled 1.5 million passengers (a 12.7 percent growth), Siem Reap’s welcomed 1.2 million (10.9 percent growth), and 549,481 passed through Sihanoukville’s (a 308 percent increase). Top Sopheak, Ministry of Tourism spokesman, told Khmer Times this week that China continues to be the most important market for the local tourism sector due to the availability of direct flights to dozens of destinations in China. (Nov 05 2019 |Khmer Times)

FINANCE AND BANKING |Wing Wins Asean Business Award Three Years in A Row

Wing (Cambodia) Limited Specialized Bank, Cambodia’s leading mobile banking service provider, was honored with the ASEAN Business Awards (ABA) 2019 in the category of ‘Sustainable Social Enterprise’ for the third time in a row, on November 02, 2019 in Bangkok, Thailand. The award ceremony was presided over by Deputy Prime Minister of the Kingdom of Thailand, H.E. Mr. Anutin Charnvirakul, with Chairman of The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), Mr. Kalin Sarasin, Chairman of The Federation of Thai Industries, Mr. Supant Mongkolsuthree, and Chairman of The Thai Bankers’ Association, Mr. Predee Daochai, in attendance. Lok Chum Teav Mao Chamnan, Chief Operating Officer of Wing (Cambodia) Limited Specialised Bank, received the award at the event. She said, “We are so thankful to our clients, employees, and many other business partners. (Nov 03, 2019/Khmer Times)

REAL ESTATE AND CONSTRUCTION| Cambodia Real Estate Awards 2019 Is Approaching: Registration Open Until November 21

Entries are closing soon for Cambodia Real Estate Awards 2019 (CREA 2019). CREA 2019 is the second edition of the annual awards show celebrating the top-performing professionals, including leading agents and agencies, in the real estate industry in Cambodia, and recognising their efforts to raise the bar in the industry nationwide. CREA 2019 is organised by Cambodia’s leading property-focused marketing company, Realestate.com.kh, in collaboration with the Ministry of Economy and Finance (MEF) and Cambodian Valuers and Estate Agents Association (CVEA). Realestate.com.kh would like to invite all real estate agencies and agents in Cambodia to enter before the deadline, November 21, to get a chance to win awards. (Nov 06, 2019| Khmer Times)

REAL ESTATE AND CONSTRUCTION| Urban Village Launches Showflat in Hong Kong

Urban Village has recently opened a showflat in Hong Kong, becoming the first condo project in the Kingdom to have representation there. The showflat had its grand opening on Oct 30. Ben Li, executive director of Urban Village, led the ceremony performing the famous traditional ribbon and roast cutting ceremonies, followed by wine toasting to celebrate the occasion. The award-winning Urban Village is the largest Hong Kong development in Cambodia. It has been expanding its market in different parts of Asia and beyond with the promise of providing comfortable, luxurious, and spacious condos with all the amenities and luxuries of modern urban living. Urban Village is also known for creating a new concept based on relaxation and being part of a community. (Nov 07, 2019| Khmer Times)

CAMBODIA  Selected  Indicators

2013

2014

2015

2016f

2017f

2018f

 

Real GDP growth, at constant market prices

7.4

7.1

7.0

7.0

6.9

6.9

 

Private  Consumption

5.8

4.5

5.9

2.4

2.3

2.2

 

Government   Consumption

5.2

2.4

4.4

3.8

10.3

14.5

 

Gross Fixed Capital Investment

15.3

9.1

10.6

8.1

9.7

16.8

 

Exports, Goods and Services

14.0

11.3

7.2

9.5

8.1

8.3

 

Imports, Goods and Services

15.1

10.1

6.5

5.9

5.8

7.9

 

Real GDP growth, at constant factor prices

7.4

6.9

6.9

6.9

6.9

6.9

 

Agriculture

1.6

0.3

0.2

0.4

0.3

0.7

 

Industry

11.0

9.8

11.7

11.4

9.0

7.7

 

Services

8.7

8.7

7.1

6.8

8.5

9.1

 

Inflation (Consumer Price Index)

2.2

1.7

1.3

3.2

3.4

3.5

 

Current Account Balance (% of GDP)

-9.5

-9.0

-8.5

-8.4

-8.5

-8.7

 

Financial and Capital Account (% of GDP)

15.2

14.6

14.1

13.4

12.0

10.8

 

Net Foreign Direct Investment (% of GDP)

11.8

10.0

9.1

8.5

8.2

7.0

 

Fiscal Balance (% of GDP)

-6.5

-3.8

-2.0

-2.9

-4.9

-4.9

 

Debt (% of GDP)

31.6

31.8

32.1

32.6

33.3

34.0

 

Primary Balance (% of GDP)

-5.8

-3.1

-1.7

-2.5

-4.6

-4.6

 

Sources: World Bank, Macroeconomics and Fiscal Management Global Practice, and Poverty Global Practice.

DISCLAIMER

The report is produced based on material compiled from data considered to be reliable at the time of writing. Information and opinions expressed, however, will be subjected to adjusted at short notice. We do not accept any liability directly or indirectly that may arise from investment decision-making based on this report while we tend share as your information only.

 

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