The Ministry of Commerce is prepared to draft a pepper policy

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Stock Market

Main Board declines and Growth Board shifts on January 3 On January 3, 2024, the CSX index concluded at 469.9 points, indicating a 0.55% decrease from the previous day's close. Eight stocks on the main board saw declines, with PEPC (-2.58%), CGSM (-0.76%), PPAP (-0.71%), PWSA (-0.55%), PPSP (-0.46%), ABC (-0.40%), GTI (-0.35%), and PAS (-0.16%) exhibiting changes. MJQE maintained its values from the previous day. Meanwhile, on the growth board, DBDE experienced no change, while JSL saw a 1.36% decrease. The overall trading activity involved 78,294 shares, with a total trading value reaching KHR 629 million. (Source: YSC Research)

Economy and Industry

The Ministry of Commerce is prepared to draft a pepper policy Cambodia's Ministry of Commerce is set to draft a national pepper policy this year to enhance market share, competition, and ensure value-added prices for the pepper production chain. The policy will be drafted in the first quarter of 2024, in collaboration with other ministries and pepper associations. The President of the Cambodia Pepper and Spices Federation, Mak Ny, praised the move and stated that the policy would provide clear information to farmers, producers, and investors. The policy will specify incentives for investors and producers from the government, aiming to attract businesspeople to set up local facilities. Currently, Cambodia's pepper is cultivated on nearly 7,000 hectares with an average yield of over 18,000 tonnes. The country exported 5,805 tonnes of pepper to foreign markets in 2022, reflecting a 30% decrease from 2021. (Source: Khmer Times)

Exports to Vietnam increased by almost 38% In the first 11 months of 2023, Cambodia shipped goods worth over $2.6 billion to Vietnam, contributing to a bilateral trade volume of nearly $6 billion. Exports to Vietnam experienced a substantial increase of 37.8% from January to November, whereas imports from Vietnam saw a decrease of 9.7%. The overall trade between the two nations amounted to $5.88 billion, marking a 6.6% rise. Vietnam stands as Cambodia's third-largest exporter, following China and the United States. The country's trade deficit notably improved, falling to $655.05 million, a significant decrease from the $1.72 billion recorded during the same period in 2022. In November 2023, there was a 17.77% increase in both exports and imports between the two nations. Cambodia primarily exports goods such as paddy rice, rubber, cashews, cassava, corn, bananas, mangoes, tobacco, and natural resources, while Vietnam imports construction materials, machinery, fuel, electrical equipment, electronic components, agricultural fertilizer, spices, as well as various fruits and vegetables. Beyond trade, the two countries also maintain a positive relationship in the tourism sector. (Source: The Phnom Penh Post)

Cambodia's increased expenditure on iron and steel imports reflects construction sector progress Cambodia spent $333 million on iron and steel imports in the first 11 months of 2023, representing a slight increase from the same period in 2022. This uptick in expenditure is attributed to the progress in the construction sector, which has been impacted by the global economic downturn. Imports of goods falling under Harmonized System Chapter 72, including iron and steel, totaled $333.23 million, accounting for 1.5% of the country's total imports in the first 11 months of 2023, reaching $22 billion. The majority of steel used in the Cambodian construction sector is imported from Vietnam, China, and Thailand. The Housing Development Association of Cambodia (CDC) has granted approval to Huale Steel (Cambodia) Co Ltd to invest $40 million in a new foundry in the Sihanoukville Port Special Economic Zone (SPSEZ), expected to create 523 new jobs. (Source: The Phnom Penh Post)

Corporate News

An automobile assembly plant in Kandal is almost finished Cambodia-based car manufacturing company GTV Motor Co., Ltd. is nearing completion of a $15.6 million plant in Kandal Steung District, Kandal Province. The plant, covering 100,000 square meters, will have an annual production capacity of up to 35,000 units. Approved by the Council for the Development of Cambodia (CDC) in June 2022, the plant aims to target the local Cambodian market, aiming to lower local new-car prices while meeting quality demands. It will focus on producing five affordable car models, catering to local consumers' tastes and budgets. GTV Motor is also establishing the GTV Automotive Electronics Research Institute (GTV AERI) in Cambodia to provide advanced vocational training for professionals in the Cambodian automotive industry. The company aims to strengthen research and development and brand building, contributing to the sustainable development of the Cambodian automobile industry. (Source: Khmer Times)

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