2023 sees a continued increase in mobile payments in Cambodia

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CSX index records slight dip on January 31, 2024 On January 31, 2024, the CSX index closed at 467.7 points, marking a slight 0.13% decrease from the previous day. Noteworthy movements were observed on the main board, with increases in PPSP (+0.46%), ABC (+0.20%), and PPAP (+0.14%). Conversely, PEPC (-2.10%), CGSM (-0.39%), and PAS (-0.16%) experienced declines. PWSA, GTI, and MJQE maintained their opening prices. On the growth board, DBDE remained steady, while JSL saw a decrease of 0.99%. The day's trading activity involved 40,729 shares, with a cumulative trading value reaching KHR 229 million. (Source: YSC Research)

Economy and Industry

2023 sees a continued increase in mobile payments in Cambodia In 2023, Cambodia experienced a notable surge in mobile payments, according to a report from the National Bank of Cambodia (NBC). The total volume of mobile payment transactions witnessed a 28.7% increase, reaching 601.3 million in 2023, with a cumulative value of $75.8 billion. This amount represents an 18% growth, equivalent to nearly 2.4 times the gross domestic product (GDP). The report highlighted that 33 payment service institutions (PSIs) and two banking and financial institutions (BFIs) were authorized to conduct payment businesses, collectively serving 19.7 million registered e-wallet account users. NBC Governor Chea Serey emphasized the positive impact of digital payment services in fostering financial inclusion, driving innovation, and offering users enhanced convenience and security. She further noted the expansion of payment system connectivity with regional countries and international systems, providing a broader array of payment options for both Cambodians and international travelers. (Source: Khmer Times)

Exports of mixed vegetables more than doubled in 2023 In 2023, Cambodia experienced a significant surge in the export of mixed vegetables, reaching 220 tonnes - a notable 100% increase from the previous year. Despite this positive trend in exports, the country continues to contend with high imports from neighboring nations. The overall export of agricultural products, excluding rice, amounted to an impressive 8,449,414 tonnes, with mixed vegetables contributing 220.21 tonnes - a remarkable increase of 106.07%. The collective value of these non-rice agricultural exports reached $2.8 billion. The Cambodia Safe Fish, Meat, and Vegetables Association (CSFMVA) attributes this success to government initiatives aimed at fortifying food security and promoting agricultural exports, thereby invigorating the agricultural sector. Tropicam Fruit and Vegetable Co Ltd, a key player in this domain, specializes in exporting high-value produce such as roots and spices, leveraging their ease of transport abroad. Simultaneously, the company prioritizes meeting the escalating demand for safe consumption within the local market by focusing on the production of fruits and vegetables. (Source: The Phnom Penh Post)

Steel imports surpass $372 million in 2023 In 2023, Cambodia imported iron and steel products totaling over $372 million, reflecting a 3.5% increase compared to the previous year, despite a slowdown in the construction sector. The import value of iron and steel falling under the Harmonised System (HS) Code 72 reached $372.47 million, constituting 1.5% of the country's total imports. While the construction sector experienced a temporary deceleration, there are expectations for a recovery marked by increased construction activities and a growing demand for steel and other construction materials. Nevertheless, the recovery of the construction sector is progressing at a slower pace due to substantial capital investment requirements and extended timelines for projects. Cambodia currently operates its own steel mills catering to construction needs, and a significant portion of its HS Code 72 imports are sourced from Vietnam, China, and Thailand. Cheng Kheng, CEO of CPL Real Estate, has noted positive signs of recovery in both the real estate and construction sectors. (Source: The Phnom Penh Post)

Corporate News

SSEZ saw a 35% increase in trade last year  In 2023, the Sihanoukville Special Economic Zone (SSEZ) in Cambodia demonstrated a robust performance, witnessing a substantial 34.86% YoY increase in export-import value. This significant growth contributed to 7.18% of the country's overall trade. Since its inception in 2008, the SSEZ has become a pivotal economic hub, hosting 231 companies from 10 different countries with a cumulative capital investment surpassing $1.2 billion. Operating within the SSEZ has proven advantageous for businesses, providing over 25,000 employment opportunities and granting Qualified Investment Project status, leading to tax exemptions for the initial nine years. The strategic location of the SSEZ, in close proximity to the Sihanoukville Autonomous Port, further diminishes costs for exporters, enhancing the zone's attractiveness. Sisavuthara Sim, an expert in the field, anticipates sustained growth in national trade statistics throughout 2024, underscoring the SSEZ's pivotal role in Cambodia's economic landscape. (Source: Khmer Times)

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