Cambodia's international trade surpasses $31 billion in the first seven months of the year

Economy and Industry

Cambodia's international trade surpasses $31 billion in the first seven months of the year Cambodia's international trade volume surged by 15% YoY in the first seven months of 2024, reaching $31.18 billion, up from $27.1 billion during the same period last year. Exports climbed 14% YoY to $14.76 billion, while imports rose 16% YoY to $16.42 billion. China remained Cambodia's largest trading partner, with bilateral trade growing by 23% YoY to $8.72 billion. The Cambodia-China Free Trade Agreement (CCFTA) and the Regional Comprehensive Economic Partnership (RCEP) were significant contributors to this growth. The RCEP includes 15 Asia-Pacific nations, comprising 10 ASEAN members and their five key trading partners: China, Japan, South Korea, Australia, and New Zealand. (Source: Khmer Times)

Surge in Cambodia's aviation sector with 22% YoY passenger increase in first half of 2024 Cambodia's aviation sector experienced substantial growth in the first half of 2024, with the country's three international airports handling 3.03 million passengers, marking a 22% increase compared to the same period last year. The State Secretariat of Civil Aviation (SSCA) also reported a 16% rise in flight movements, totaling 28,725. Phnom Penh International Airport managed 2.28 million passengers, while Siem Reap Angkor International Airport and Sihanoukville International Airport received 719,982 and 35,463 passengers, respectively. The sector is expected to continue its upward trajectory, with air traffic projected to grow by 67% for the year compared to 2019 levels. This growth is bolstered by the Cambodian government's commitment to enhancing airport infrastructure and aviation services, including the construction of the $1.5 billion Techo International Airport, which is 78% complete and slated for full operation in the first half of 2025. (Source: Khmer Times)

Cambodia sees 20% YoY growth in credit card usage in 2023 Cambodia's credit card market expanded by 20% in 2023, with the number of issued cards rising to 223,749 from 185,360 in 2022. Despite this growth, credit cards still account for only 0.3% of total loans in the banking system. A 2023 Visa survey found that 35% of Cambodians use either a debit or credit card. Credit cards represented 0.2% of total credits in 2013. AEON Specialized Bank (Cambodia) Plc led the market in credit card issuance, followed by ACLEDA Bank, Union Commercial Bank Plc, and others. Visa's 2023 report underscores the benefits of credit cards, such as flexibility, positive credit history, and digital transparency. (Source: Khmer Times)

Corporate News

Chief Bank and BELTEI International University join forces to launch 'Chief Easy' digital lending platform Chief Bank has teamed up with BELTEI International University to launch "Chief Easy," a digital micro-lending platform designed to enhance financial accessibility in Cambodia. Initially approved in 2021, the platform enables users to apply for loans anytime, anywhere, with responses guaranteed within 24 hours. In 2022, the loan limit was raised to $5,000 to better meet customer needs. The partnership focuses on aiding students and their families, particularly those who are unbanked or underbanked, by providing access to funds for educational and other financial needs. BELTEI International University will help promote and integrate Chief Easy within its community. Chief Bank's headquarters will soon move to Chief Tower in Phnom Penh's BKK1 district. The micro-lending service is available on both iOS and Android platforms. (Source: Cambodia Investment Review)

Stock Market

CSX index drops 0.74% amid broad declines on August 12, 2024 On August 12, 2024, the CSX Index closed at 411.9 points, reflecting a 0.74% decline from the previous day. Among the stocks, PEPC saw a modest gain of 0.41%, while significant losses were recorded in GTI (-3.79%), PPAP (-1.34%), PPSP (-1.29%), CGSM (-1.23%), PAS (-0.33%), and ABC (-0.27%). Stocks PWSA and MJQE remained stable with no change. On the growth board, DBDE and JSL fell by 0.48% and 1.44%, respectively. The day's total trading volume amounted to 39,052 shares, with a cumulative trading value of KHR 209 million. (Source: YSC Research)

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