Cambodia generates $123.6 million in revenue from rice exports in 1Q24

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CSX index rebound slightly on April 08, 2024 On April 08, 2024, the CSX index closed at 438.3 points, reflecting a gain of 0.81% from the previous day's close. Market activity on the main board depicted a mixed landscape, with gains observed in ABC (+1.84%), PWSA (+0.84%), MJQE (+0.49%), GTI (+0.43%), and CGSM (+0.40%). On the other hand, there were decreases in stocks such as PPAP (-0.78%) and PPSP (-0.49%). PAS and PEPC maintained their opening price. On the growth board, DBDE and JSL experienced notable increases of 2.40% and 2.91%, respectively. Overall trading volume for the day stood at 132,255 shares, with a cumulative trading value reaching KHR 998 million. (Source: YSC Research)

Economy and Industry

Cambodia generates $123.6 million in revenue from rice exports in 1Q24 According to the Cambodia Rice Federation (CRF), Cambodia's milled rice exports in the first quarter of 2024 reached 166,451 tons, declining by 5.7% compared to the same period in the previous year. Revenue from these exports amounted to $123.6 million, down 1.9% from last year. Fragrant rice constituted 81% of the total rice exports, with varieties also including long grain white rice, parboiled rice, and organic rice. Exporters shipped the commodity to 56 countries and regions, with China and Europe being the primary markets. Notably, China remained the top buyer, purchasing 43,039 tons, while European countries imported 78,675 tons. Despite the challenges, CRF has set an ambitious goal to export at least a million tons of milled rice by 2025. (Source: Khmer Times)

Khmer Enterprise's initiatives to support Cambodian SMEs The Royal Government of Cambodia prioritizes small and medium enterprises (SMEs), recognizing their pivotal role in the economy as it accounts for 70% of employment and contributing 58% to the GDP. Hem Vanndy, Minister of Industry, Science, Technology, and Innovation, praised Khmer Enterprise for its support for startups and SMEs over an event which distributed financing packages to 38 enterprises to bolster their growth. Khmer Enterprise's initiatives aim to enhance business competitiveness, expand markets, and foster job creation. Chheang Vann Monin, Executive Director of Khmer Enterprise, highlighted the Cambodian Entrepreneurship Assistance Package, which provides direct and timely support to SMEs across the capital and provinces. Additionally, investment experts offer training to businesses seeking to expand. In 2023, 1,406 new SMEs were registered, reflecting a 1.43% growth, with food and beverage processing SMEs comprising the majority. Meanwhile, the government's SME Bank of Cambodia has disbursed over $200 million in loans to support SME expansion effort. (Source: Khmer Times)

Cambodia and Japan to enhance SME collaborations  The Minister of Industry, Science, Technology & Innovation, Hem Vanndy, welcomed a Japanese business delegation led by Fumiaki Takahashi, President of the Japan-Cambodia Association (JCA), aiming to bolster collaboration between SMEs of both nations. Takahashi emphasized JCA's commitment to strengthening business ties, especially with the recent launch of a JCA office in Cambodia. Minister Vanndy highlighted Cambodia's interest in leveraging the office to learn from Japanese innovations and explore collaboration opportunities on sectors like agro-processing and green technology. Kazunori Kato, JCA's Executive Director, outlined strategies for the office, including product co-production and vocational training initiatives. The visit aligns with Samdech Hun Sen's encouragement for Japanese investment in Cambodia, particularly from SMEs, with an emphasis job creation and knowledge transfer. (Source: Khmer Times)

Corporate News

Cellcard reports strong earnings in annual report Cellcard unveiled its annual report for 2023, highlighting significant milestones and reaffirming its pivotal role in the Cambodian Market. The company's highly anticipated Initial Public Offering (IPO) on the Cambodia Stock Exchange (CSX) in June 2023 marked a turning point as it opened new avenues for investment and growth. Demonstrating robust financial performance, Cellcard secured $70 million in financing by year-end, including a groundbreaking $20 million sustainability bond. Cellcard further solidified its position as the undisputed leader as Cambodia's leading telecommunication network by securing the title Fasted Mobile Network for two consecutive years. With a steadfast focus on innovation and community connectivity and the sole 100% Cambodian-owned operator, Cellcard remains committed to enhancing customer experiences and driving societal impact. (Source: Cambodia Investment Review)

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