Garment, footwear, and travel goods export increase by 20%

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Stock Market

CSX index continues its downward trend On April 19, 2024, the CSX index wrapped up the trading session at 425.9 points, marking a decline of 1.24% compared to the previous day's close. Market activity on the main board presented a mixed picture, with advances in PAS (+1.32%) and PWSA (+0.56%). Conversely, ABC (-2.58%), CGSM (-1.21%), GTI (-0.85%), PEPC (-0.84%), MJQE (-0.48%), PPSP (-0.48%), and PPAP (-0.16%) experienced declines. On the growth board, DBDE remained unchanged and JSL posted declines of 2.60%. The total trading volume for the day amounted to 146,097 shares, with a cumulative trading value reaching KHR 1,097 million. (Source: YSC Research)

Economy and Industry

Garment, footwear, and travel goods export increase by 20% In the first quarter of 2024, Cambodia's exports of garments, footwear, and travel goods surged by 20%, reaching over $2.9 billion, compared to $2.4 billion in the same period last year. Apparel and textiles exports alone increased by 23%, totaling $2.16 billion. Notably, travel goods experienced the highest growth at 16.6%, amounting to $428 million. The garment, textile, footwear, and travel goods sector remain Cambodia's top forex earner, with major export markets including the US, European Union, and ASEAN countries. Despite global economic challenges, Cambodia's trade with other ASEAN nations rose by nearly 19% to $4.32 billion in the first quarter, showcasing the industry's resilience amidst the Russia-Ukraine conflict and subdued global purchasing power. This export growth has also driven a 7.2% increase in the number of operational factories in Cambodia by the end of 2023. (Source: Khmer Times)

Cambodia-Vietnam trade continues to see solid growth Vietnam has solidified its status as Cambodia's second-largest trade partner, witnessing a 24.5% surge in trade volume to $2.32 billion in 1Q24 when compared to the same period last year, according to data from the General Department of Customs and Excise. Cambodia exported $1.39 billion worth of products, mainly agriculture products such as cashew nuts, cassava, coconuts, and rubber, representing a remarkable 53% YoY growth in 1Q24. Conversely, Cambodia primarily imports refined petroleum products and raw iron bars from Vietnam. While the US remains Cambodia's largest export market, Vietnam holds a significant 22.2% share. However, despite a trade deficit of $2.47 billion with China, Cambodia enjoys a surplus of $458 million in trade with Vietnam. When Cambodian agricultural products go through Cat Lai port in Vietnam, the neighboring country prohibits the exports of these goods to third countries. As a result, most agricultural products end up exported as raw products to Vietnam - this could be one of the reasons why Vietnam vehemently oppose the Techo Canal. (Source: Khmer Times)

Cambodia's exports to the EU surges despite trade preference changes According to a report from the General Department of Customs and Excise, Cambodia's exports to the European Union (EU) marked a notable increase, reaching $903 million, up 11.9% from the previous year's $807 million. Although the Kingdom's imports from the EU saw a decline to $171.4 million, down 19.4% year-on-year, the two-way trade totaled $1.074 billion, rising by 5.4%. Notably, Germany and Spain emerged as Cambodia's primary EU trade partners, with bilateral trade volumes of $226 million and $212 million, respectively. Despite changes in the Everything But Arms (EBA) scheme in 2020 affecting some exports like garments and footwear, Cambodia's export growth to the EU reflects increasing demand for its products. The EU has expressed commitment to support Cambodia's transition as it approaches graduation from least developed country status. (Source: Khmer Times)

Corporate News

RGC's Royal Railway buys DMUs from Japan Royal Railway Cambodia, a subsidiary of Royal Group, has acquired eleven used Diesel Multiple Units (DMUs) from Japan for Cambodia's railway service. Ministry of Public Works and Transport's spokesman, Phan Rim, confirmed the shipment, expressing optimism about improving safety, speed, and efficiency in Cambodia's rail transport sector. DMUs, self-propelled trains with multiple diesel engines, offer flexibility and cost-effectiveness for suburban and regional rail services. RRC manages Cambodia's railway network and oversees the introduction of DMUs, aligning with the government's broader Transportation & Logistics Master Plan. This plan aims to construct new railroads connecting the capital to Vietnam and northeastern provinces, including high-speed rail projects like Phnom Penh-Sihanoukville, Phnom Penh-Poipet, Phnom Penh-Bavet, and extensions to Kampong Thom and Siem Reap, enhancing connectivity and accommodating the nation's growing transportation needs. (Source: Khmer Times)

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