Cambodia's tire exports reached $308 million in the first five months this year

Economy and Industry

Cambodia's tire exports reached $308 million in the first five months this year Cambodia exported $308 million worth of tire in the first five months this year, representing a staggering 204% increase compared to the $101 million recorded during the same period last year, according to the Ministry of Commerce. This growth is attributed to the increasing number of car tire factories and the diversification of the country's exports to international exports, noted Penn Sovicheat, Secretary of State of the Ministry of Commerce. Cambodia currently has three operational car tire manufacturing facilities in Svay Rieng, Preah Sihanouk, and Kratie Province, with several more projects awaiting regulatory approval. PM Hun Manet highlighted the importance of using domestic rubber as raw material input which will benefit local rubber plantation farmers. In 1Q24, Cambodia exported 69,322 tons of dry rubber, a 5.1% increase YoY. The country's rubber is primarily exported to Malaysia, Vietnam, Singapore, and China, with a total rubber plantation of 407,172 hectares, of which 320,184 hectares are mature enough for processing. (Source: Khmer Times)

Cambodia sees strong recovery in aviation sector In 1Q24, over 2 million air passengers passed through Cambodia's international airports, signaling a robust post-Covid 19 recovery, according to Mao Havannal, Minister in Charge of the State Secretariat of Civil Aviation. During an inspection of Techo International Airport, Havannal noted that 31 airlines now operate flights to Cambodia from various regions, including ASEAN countries, China, South Korea, and the Middle East. Te SSCA is enhancing airport infrastructure and international cooperation to increase direct flights. Top Sopheak, Spokesperson for the Ministry of Tourism, mentioned that while air passenger numbers have risen, tourist numbers are about 80% of pre-pandemic levels, with expectations to match those levels by the end of this year. Presdient of the Cambodian Association of Travel Agents, Chhay Sivlin, is optimistic about the country's future tourism growth, especially with new direct flights to India starting June 16. (Source: Khmer Times)

Cambodia's trade with EU surges despite EBA tariff loss Despite losing some preferential trade tariffs under the Everything But Arms (EBA) scheme, Cambodia's exports to the EU increased to $1.56 billion in the first five months of 2024, up 11.83% from the previous year, according to the Ministry of Commerce. Two-way trade (imports and exports) increased by 4.14% to $1.88 billion, with Germany and Spain being the country's largest EU trade partners. Cambodia's main exports to the EU include textiles, footwear, bicycles, food products, milled rice, and other agricultural products. The EU remains a crucial market for Cambodia, driven by the improved quality and competitiveness of Cambodian products. The EU imported 136,528 tons of milled rice worth $104 million from Cambodia, constituting 45% of Cambodia's total exports. The Cambodian government is committed to strengthening trade ties with the EU as both sides discuss on a new trade scheme - the "Generalized Scheme of Preferences Plus (GSP+)." (Source: Khmer Times)

Corporate News

Bridge Bank inaugurates new branch in Olympic area Bridge Bank opened a new branch in Phnom Penh's Olympic area, signaling its commitment to providing a comprehensive financial solution to individuals and businesses. The Olympic Branch features modern design and state-of-the-art technology, offering a wide range of banking products including loans, deposits, and personalized financial management solutions. Richard Liew, CEO of BRIDGE Bank, expressed excitement about the expansion, emphasizing the bank's customer-centric approach and commitment to financial empowerment. To celebrate the opening, the branch offers promotions, including special interest rates and a chance to win a round-trip flight ticket to ASEAN countries. BRIDGE Bank aims to be a trusted financial partner with a vision of simplifying and securing banking for generations. (Source: Khmer Times)

Stock Market

CSX index holds steady amid mixed stock performance On June 11, 2024, the CSX index closed at 409.1 points, unchanged from the previous day. The main board saw gains in ABC (+0.27%) and PAS (+0.16%), while PEPC (-1.79%), PPSP (-0.89%), PPAP (-0.61%), PWSA (-0.57%), and GTI (-0.44%) experienced declines. MJQE and JSL remained unchanged. On the growth board, DBDE was up by 2.67%, while JSL remained unchanged. The total trading volume was 107,809 shares, with a cumulative trading value of KHR 523 million. (Source: YSC Research)

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