January-November 2023 saw a 14.8% YoY decrease in Cambodia's textile and apparel exports

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CSX index marks 0.67% surge on December 28 On December 28, 2023, the CSX index concluded at 472.0 points, indicating a 0.67% increase from the previous day's close. Noteworthy positive movements were observed on the main board, with PEPC (+2.67%) and CGSM (+1.54%) registering gains. No stocks experienced a decline on the main board, and PWSA, GTI, PPAP, PPSP, PAS, ABC, and MQJE maintained their values from the previous day. On the growth board, DBDE saw a rise of 0.47%, while JSL witnessed a decrease of 1.79%. The overall trading activity involved 74,741 shares, with a total trading value reaching KHR 399 million. (Source: YSC Research)

Economy and Industry

January-November 2023 saw a 14.8% YoY decrease in Cambodia's textile and apparel exports In the first 11 months of this year, Cambodia experienced a 15% year-on-year (YoY) decline in the export value of textiles, garments, footwear, and travel products, amounting to $9.9 billion. The decrease is attributed to a global economic slowdown, particularly in the European Union (EU). Textile and apparel exports, worth $7.22 billion, saw a 14.8% YoY decline, while footwear exports, valued at $1.21 billion, dropped by 23% YoY. According to the Ministry of Commerce, Cambodia's overall exports in these sectors were impacted by the economic downturn, specifically in the EU, with textile and apparel exports decreasing by 14.8% YoY to $7.22 billion, footwear exports declining by 23% YoY to $1.21 billion, and travel goods exports decreasing by 9.8% YoY to $1.47 billion. (Source: Khmer Times)

IFC advised Cambodia to increase its access to reasonably priced trade financing A report from the International Finance Corporation suggests that enhancing access to affordable trade finance has the potential to boost Cambodia's imports and exports by up to 9%. The study, centered on the Mekong-3 region, reveals that domestic trade finance is underutilized, traditional, segmented, and costly. Primary trade finance tools in Cambodia encompass letters of credit, guarantees, and various forms of import financing. The study highlights disparate growth in trade, with foreign-owned enterprises surpassing locally-owned supply chains. Recommendations include the development of tools like supply chain finance and innovative digital solutions to cut costs and improve accessibility. Additionally, the report advocates for increasing awareness of trade financing among smaller firms and domestic suppliers. (Source: Khmer Times)

Cambodia's inaugural advanced water treatment facility is now operational Phnom Penh has successfully completed the construction of the country's first advanced wastewater treatment facility, enabling the city to process and manage 5,000 cubic meters per day. The project, funded by the Japan International Cooperation Agency (JICA), incurred an approximate cost of $24 million. Prime Minister Hun Manet and Japanese Ambassador Ueno Atsushi presided over the inauguration ceremony. The CKWTP project's objective is to implement effective wastewater treatment, mitigating water pollution in Choeung Ek Lake and contributing to the enhancement of water quality, sanitation, and the living environment for Cambodians. The Japanese ambassador highlighted that the CKWTP utilizes Japan's distinctive technology and stands as Cambodia's inaugural advanced treatment facility, boasting lower power consumption and a straightforward structure. The project is backed by Japanese Grant Aid under the initiative 'Sewerage System Development in Phnom Penh.' (Source: Khmer Times)

Corporate News

Japanese company Daikin opens a sales office in Cambodia Daikin Industries has founded Daikin Airconditioning (Cambodia) Co Ltd in Phnom Penh to cater to the burgeoning air conditioning market in Cambodia. The company plans to establish a sales entity, strengthen its sales network, and institute a training facility for service engineers. Recognizing Asia as a growth market, Daikin cites the region's tropical climate and strategic position on the southern economic corridor. Cambodia's youthful demographic and the introduction of a new investment law in 2021 are anticipated to attract both local and international investments. With increased investments in shopping centers, hotels, and factories, the commercial air conditioning sector in Cambodia is expanding. The overall HVAC market is projected to experience a 10% annual growth over the next five years, with a parallel rise in residential demand due to anticipated population growth. (Source: Khmer Times)

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