Exports of garment, footwear, and travel goods from Cambodia have decreased 17.8% in the first nine months

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CSX index performs well despite low trading volume The CSX index performed well on October 12, 2023, gaining 0.84% and closing at 455.8 points. Of the 12 stocks listed, 7 rose and 5 fell. PPSP, PAS, ABC, MJQE, and CGSM rose by 0.92%, 0.16%, 0.40%, 1.43%, and 1.66%, respectively. However, PWSA, GTI, and PPAP dropped 0.28%, 1.02%, and 1.43% respectively. PEPC closed at the same price as the previous day. On the growth board, DBDE increased in price by 3.29% while JSL edged down 0.86%. The number of shares traded was 51.9% lower than the previous day, with only 26,860 shares traded, worth a total of KHR 139 million. (Source: YSC Research)

Economy and Industry

Exports of garment, footwear, and travel goods from Cambodia have decreased 17.8% in the first nine months Cambodia exported $8.14 billion worth of garment, footwear, and travel products to international markets in the first nine months of 2023, down 17.8% from the previous year, according to the Ministry of Commerce. Garments accounted for $5.93 billion, a 17.3% drop from the previous year. Footwear accounted for $991.7 million, a 25% yearly decrease, while travel goods totaled $1.22 billion, a 13.4% decrease. Major buyers included the European Union, the United States, Canada, Britain, and Japan. The garment, footwear, and travel goods industry are the largest foreign exchange earner for Cambodia, employing around 840,000 female workers. (Source: Khmer Times)

Three objectives are simultaneously pursued by the National Strategy for Informal Economic Development The National Strategy for Informal Economic Development 2023-2028 aims to alleviate poverty and social inequality, strengthen social and economic resilience, and boost economic growth. The strategy was launched by Cambodia's Prime Minister, Dr. Hun Manet, at the Sokha Phnom Penh Hotel. The strategy aims to improve the lives of people in the informal economy, aligning with the main goal of the Royal Government of Cambodia. The strategy encourages people in the informal economy to register for formal registration, allowing the Royal Government to manage data and implement interventions quickly and effectively. An informal economy is any economy that is neither taxed nor monitored by any government. (Source: Khmer Times)

Trade between Cambodia and the US is recovering, and exports are growing Cambodia-US trade in the first nine months of 2023 reached $7.08 billion, a 3% dip from the $7.3 billion in the same period in 2022. Exports to the US totaled $6.9 billion, a 2.1% decrease, while imports of US goods to Cambodia fell by 27.8%. Cambodia's trade surplus increased to $6.72 billion from $6.8 billion in the same period. The US is Cambodia's second-largest trading partner, making up 20.13% of the country's international trade volume. The Cambodia Chamber of Commerce (CCC) attributed the decrease in bilateral trade to the global economic downturn, prompting people to curtail daily spending. Prime Minister Hun Manet emphasized the mutual benefits of strong relations at the US-Cambodia Business Forum, citing Cambodia's strategic location and affordable, skilled workforce as key factors in the manufacturing sector. (Source: The Phnom Penh Post)

Corporate News

CCC strengthens ties with Czech trading partners during visit to Prague Cambodia Chamber of Commerce (CCC) visited Prague to strengthen ties with Czech ministries, institutions, and chambers of commerce under the Czech Development Agency's Aid for Trade programme. The visit aimed to share insights within the agro-industry sector and explore opportunities for Cambodian product exports to the European market. The Cambodian delegation met with Czech ministries, institutions, and chambers of commerce, and explored agricultural exhibitions and cultural sites. The CCC holds the EU in high regard, with special appreciation directed towards the Czech Republic. Cambodian exports to the Czech Republic increased by over 140% in 2023, while imports from the Czech Republic decreased by over 10%. (Source: The Phnom Penh Post)

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