EV registrations increase to 1,162 as of Sep 2023

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Stock Market

Mixed performances and trading trends on December 5, 2023  As of December 5, 2023, the CSX index concluded at 453.0 points, signaling a decrease of 0.36% from the previous closing. No main board stocks recorded gains today. Conversely, CGSM (-0.80%), PPSP (-0.46%), PEPC (-0.38%), and PAS (-0.32%) registered declines. PWSA, GTI, PPAP, ABC, and MJQE remained unchanged. On the growth board, DBDE experienced a 1.42% decrease, while JSEL observed a 1.04% increase. The overall trading activity encompassed 65,574 shares, with a combined trading value amounting to KHR 422.6 million. (Source: YSC Research)

Economy and Industry

EV registrations increase to 1,162 as of Sep 2023 As of September 2023, the Ministry of Public Works and Transport (MPWT) reports a surge in registered electric vehicles (EVs) in Cambodia, reaching a total of 1,162. This increase is linked to a growing awareness of carbon emissions. The Cambodian government is actively enhancing infrastructure to support this shift, with a focus on expanding charging stations across the capital and provinces. Presently, there are 18 charging stations nationwide, and additional installations are planned for provinces and major national roads. A pivotal element of the government's strategy is the commitment to curbing pollution through the promotion of fuel-efficient vehicles and the adoption of EVs. Cambodia aspires to become a regional and global hub for automotive and electronic components production, emphasizing Prime Minister Hun Manet's encouragement for citizens to embrace electric vehicles, underscoring the advantages of transitioning from conventional fossil fuels to cleaner energy sources. (Source: Khmer Times)

In 11 months, rice exports from Cambodia bring in $1.35 billion According to a report from the General Department of Agriculture within the Ministry of Agriculture, Forestry, and Fisheries, Cambodia has garnered $1.35 billion from the export of paddy and milled rice in the first eleven months of the current year. Throughout this period, the nation dispatched almost 600,000 tonnes of milled rice to international markets, generating $515 million, and 2.4 million tonnes of paddy rice valued at $814 million. The exported rice varieties encompass fragrant rice, organic rice, white rice, parboiled rice, and japonica rice. Im Rachna, the spokesperson for the Ministry of Agriculture, Forestry, and Fisheries, credited collaborative efforts between the government and the private sector for the successful exports. The Rice Federation of the country has set a target of exporting 700,000 tonnes of rice in 2023. Agriculture stands as one of Cambodia's key economic pillars, contributing 24.4% to the nation's GDP in 2021. (Source: Khmer Times)

Cambodia's exports to India and Indonesia increase dramatically In the initial ten months of 2023, Cambodia experienced notable growth in exports to Indonesia and India, marking increases of 65.5% and 57.7%, respectively, according to data from the General Department of Customs and Excise (GDCE). The United States retained its position as the primary export destination, constituting 40.3% of Cambodia's overall exports. However, exports to the US exhibited a slight slowdown, with a 1.6% decrease to $7.4 billion compared to the corresponding period the previous year. Meanwhile, exports to Vietnam and China saw positive trends, rising by 35.9% and 19.3%, amounting to $1.17 billion. India represented 1.3% of Cambodia's total exports, while Indonesia held a 0.3% share. Notably, Cambodia's imports from India declined by 20.2%, totaling $167.52 million, resulting in a bilateral trade surplus of $65.87 million for the Kingdom. Ongoing negotiations for the Bilateral Investment Treaty and the Bilateral Free Trade Agreement aim to further enhance economic cooperation between the two nations. (Source: Khmer Times)

Corporate News

Korean Air is considering starting flights to Preah Sihanouk Korean Air is contemplating the initiation of flight services to Preah Sihanouk province, as disclosed by Ho Yeon (Chris) Chang, the airline's newly appointed Country Manager for Cambodia. Already operational with an A330 aircraft capable of accommodating up to 284 passengers per flight, the airline is exploring the possibility of establishing its base in Preah Sihanouk. This strategic move aims to offer flights from Seoul Incheon International Airport to Sihanoukville International Airport, linking Korean travelers to the scenic coastline and natural islands of Cambodia. Additionally, there are considerations to reinstate services to Siem Reap province, facilitating travel from Seoul to the renowned Angkor Wat temple, a UNESCO world heritage site. Commencing December 1, Korean Air will deploy its A330 aircraft on the Phnom Penh-Seoul Incheon route, providing 284 seats. The airline serves passengers traveling between Cambodia and Korea, as well as those seeking connections to North America and Japan. (Source: Khmer Times)

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