Cambodia's exports to South Korea rise by 22%

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CSX index records modest gain of 0.14% on December 25 As of December 25, 2023, the CSX index concluded at 475.1 points, reflecting a 0.14% uptick from the previous day's close. Noteworthy positive movements were recorded on the main board, where ABC saw a gain of (+1.40%), PPAP rose by (+0.43%), GTI increased by (+0.35%), and PAS showed a modest uptrend of (+0.16%). Conversely, PEPC experienced a decline of (-2.68%), CGSM faced a decrease of (-0.75%), and PWSA witnessed a slight drop of (-0.27%) on the main board. Meanwhile, both PPSP and MJQE closed with no change. On the growth board, DBDE registered an increase of (+0.47%), while JSL saw a decline of (-1.35%). The overall trading activity involved 131,382 shares, with a cumulative trading value reaching KHR 888 million. (Source: YSC Research)

Economy and Industry

Cambodia's exports to South Korea rise by 22% In the initial 11 months of 2023, Cambodia experienced a noteworthy surge in exports to South Korea, surpassing $253 million and contributing to a bilateral trade volume exceeding $683 million. The country's trade deficit with South Korea improved, narrowing to $176.49 million from the 2022 deficit of $296.81 million. The augmented export value is ascribed to the alignment of Cambodian goods with Korean consumer preferences in terms of quality and variety. The implementation of a bilateral free trade agreement (FTA) has further stimulated the increase in exports to Korea. Key exports from Cambodia to Korea encompass garments, footwear, travel goods, and agricultural products, while imports include automobiles, agricultural machinery, electronic products, medicines, beverages, and everyday essentials. Despite challenges stemming from global political and economic crises impacting international trade, Cambodia has made substantial investments in travel and transportation infrastructure during the global economic downturn. (Source: The Phnom Penh Post)

IFC study recommends transformative measures for enhanced trade finance in Cambodia, Laos, and Vietnam The International Finance Corporation (IFC) has determined that enhancing access to affordable trade finance has the potential to boost imports and exports by up to nine percent in Cambodia, Laos, and Vietnam. The study, which delved into the regional trade finance landscape, revealed that local trade finance is underutilized, expensive, fragmented, and conventional. The Mekong-3 region, encompassing Cambodia, Laos, and Vietnam, has emerged as one of the most interconnected and trade-driven regions globally, with a trade-to-GDP ratio surpassing 100% in all three economies. To address these issues, the study proposes the development of tools such as supply chain finance and innovative digital solutions to lower costs and enhance accessibility. Additionally, it suggests raising awareness of trade financing among smaller businesses and local suppliers. (Source: Khmer Times)

International UnionPay and NBC introduce cross-border QR code payment The National Bank of Cambodia (NBC) and UnionPay International, a Chinese financial services provider, have introduced cross-border QR code payment services, enabling cardholders to make payments by scanning QR codes at merchants. The launch event occurred in December and was attended by officials such as Chea Serey, Governor of the NBC, Wang Wentian, Ambassador of the People's Republic of China to the Kingdom of Cambodia, and Top Sopheak, Secretary of State and Spokesperson of the Ministry of Tourism. UnionPay cardholders can use their UnionPay-enabled wallets to scan KHQR codes for transactions at approximately 1.8 million merchants in Cambodia. By early 2024, Cambodian residents will be able to utilize their Bakong wallet for payments at UnionPay QR code-accepting merchants in China and globally. This collaboration aims to serve travelers from China and other global markets, contributing to the revival of international travel and promoting economic development in Cambodia. (Source: Khmer Times)

Corporate News

In just eleven months, the biggest port in Cambodia has reported revenue of over $85 million In the first 11 months of 2023, Cambodia's largest shipping facility, the Sihanoukville Autonomous Port (PAS), reported over $85 million in gross revenue, a 2.7% YoY increase, as per port data. During January-November, the state-owned port handled 7 million tons of containerized cargoes, up 11% YoY. At the groundbreaking for Phase 1 of a new container terminal on Friday, Prime Minister Hun Manet highlighted PAS's crucial role in Cambodia's socioeconomic development, aiming to transform it into a regional logistics hub by 2029. PAS, the kingdom’s sole international deep seaport, currently handles 800,000 TEUs annually, with plans to increase to 2.5 million TEUs by 2029. (Source: Khmer Times)

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