In the first ten months of 2023, Cambodia's national budget revenue reached $4.9 billion, a 2% decrease

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CSX index records marginal gain on December 8 with varied stock performances As of December 8, 2023, the CSX index concluded at 451.9 points, indicating a slight uptick of 0.19% compared to the preceding day. CGSM (+0.41%), PWSA (+0.27%), and ABC (+0.21%) all demonstrated positive movements today. In contrast, PEPC (-0.477%), PAS (-0.48%), and GTI (-0.35%) saw declines. PPAP, PPSP, and MJQE remained stable without any changes. On the growth board, DBDE experienced a decrease of 0.47%, while JSL recorded an increase of 2.46%. The overall trading activity involved 27,216 shares, with a cumulative trading value of KHR 154 million. (Source: YSC Research)

Economy and Industry

In the first ten months of 2023, Cambodia's national budget revenue reached $4.9 billion, a 2% decrease The Ministry of Economy and Finance has reported a 2.02% decline in national revenue collection during the initial 10 months of 2023, in comparison to the corresponding period in 2022. Fiscal revenue saw a decrease of 4.2% to 18,141 billion riels, while non-tax revenue witnessed a notable increase of 24.08%, reaching 1.986 billion riels. The Ministry of Economy and Finance is optimistic that revenue collection is progressing in line with the 2023 law's objectives. Total national expenditure amounted to 26,042 billion riels, constituting 74.95% of the 2023 financial law and reflecting a 19.49% surge from 2022. Capital expenditure experienced a 12.32% rise to 8,927 billion riels, and current expenditure increased by 23.60% to 17,115 billion riels. However, the national budget implementation resulted in an overall deficit of 5,881 billion riels. The Royal Government remains committed to diligently managing and effectively utilizing the nation's total financing, ensuring ample resources to meet the needs of state budget implementation. (Source: Khmer Times)

Exports of bananas are down by almost 24% In the first 11 months of 2023, Cambodia saw a 24% decrease in the export of fresh bananas to international markets, amounting to over 260,000 tonnes. This decline is attributed to the global economic downturn, impacting trade flows and reducing orders for various goods. The total export for the period reached 263,117 tonnes, marking a 23.84% decrease from the previous year. In November alone, Cambodia exported 25,125 tonnes of fresh bananas, primarily to China, Vietnam, and Japan. The CEO of Longmate Agriculture Co Ltd, Han Lak, cited adverse weather conditions leading to pest infestations and lower international market prices as contributing factors to the decline. Approximately 95% of Cambodia's banana exports go to China, with smaller amounts to Vietnam and Japan. Kampot governor Mao Thornin emphasized the efforts of provincial authorities and specialized departments in supporting agricultural cultivation to enhance domestic supply and export growth. (Source: The Phnom Penh Post)

Cambodia's exports of pepper fall by 30% Cambodia has witnessed a more than 30% decrease in its pepper exports to global markets during the initial 11 months of 2023, mainly attributed to the ongoing economic downturn. The total volume of pepper exports for the country amounted to 5,805 tonnes from January to November 2023, marking a decline of 30.9% compared to the 8,304 tonnes recorded in 2022. This reduction is linked to lower prices both domestically and internationally, prompting farmers to refrain from selling their products to traders. Key markets for Cambodia's pepper include Vietnam, China, Germany, the US, Taiwan, France, Belgium, Malaysia, the Czech Republic, Sweden, Switzerland, Canada, Russia, the UK, India, Lithuania, Kazakhstan, Australia, and the Netherlands. According to the Kampot Pepper Promotion Association (KPPA), the province's variety has maintained consistent exports over the past 11 months, with exporting companies purchasing approximately 100 tonnes annually. The price of Kampot pepper has remained steady for four to five years. (Source: The Phnom Penh Post)

Corporate News

Thailand's PRIME to increase renewable energy investment in Cambodia Prime Road Power Public Co Ltd (PRIME), based in Thailand and the parent company of Prime Road Alternative (Cambodia) Co Ltd (PRAC), is set to significantly expand its investments in clean energy in Cambodia, aligning with the government's strategy to attract more financing to the sector. The Bangkok-based firm specializes in renewable energy projects across the Asia-Pacific region. Piroon Shinawatra, PRIME's Chief Financial Officer, sought additional support from Cambodian ministries and institutions during a meeting with Sun Chanthol, Deputy Prime Minister and First Vice-President of the Council for the Development of Cambodia (CDC). In Q3 2023, the company's total revenue reached 282.63 million Thai baht, reflecting a 54.48% increase compared to Q3 2022. PRAC secured construction rights for a 60MW solar farm project in September, part of a larger 100MW national solar park in Kampong Chhnang province. (Source: The Phnom Penh Post)

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