Exports from Cambodia's SEZs reach $5.4 billion in 2024

Economy and Industry

Exports from Cambodia's SEZs reach $5.4 billion in 2024 In the first eleven months of 2024, exports from Cambodia's Special Economic Zones (SEZs) reached an impressive $5.4 billion. This figure highlights the significant role that SEZs play in the country's economic development and export growth. The SEZs have become vital hubs for attracting foreign direct investment, stimulating industrial development, and generating employment opportunities. The growth in exports from SEZs is driven by several factors, including the establishment of production facilities by prominent international manufacturers. These companies are drawn to Cambodia due to its favorable investment climate, political stability, and affordable labor force. The country's participation in multiple trade agreements and access to preferential tariff systems further enhance its appeal to foreign investors. (Source: Khmer Times)

Cambodia's bicycle exports drop nearly 20% in 2024 In the first eleven months of 2024, Cambodia's bicycle exports experienced a significant decline, dropping by nearly 20% compared to the same period in the previous year. According to a report from the Ministry of Commerce, the country exported bicycles, including electric bicycles, worth $375.7 million from January to November 2024. This represents a 19.7% decrease from the $468 million recorded during the same period in 2023. The decline in bicycle exports is attributed to the global economic slowdown and uncertainties that have led to a reduction in purchase orders. The Ministry of Commerce's Secretary of State and Spokesperson, Penn Sovicheat, highlighted that the made-in-Cambodia bicycles were primarily sold to European countries, the United States, and Canada. (Source: Khmer Times)

Preah Vihear generates $170 million from key crops in 2024 Preah Vihear province in Cambodia has achieved significant economic success by generating $170 million from three key crops in 2024. The province's agricultural sector has been a major contributor to its economy, with cassava, cashew nuts, and maize being the primary crops driving this growth. The success of these crops is attributed to the province's favorable climate, fertile soil, and the adoption of modern farming techniques. The government has also played a crucial role in supporting farmers by providing access to quality seeds, fertilizers, and training programs. The province is also known for its production of organic rice, which has gained popularity in both domestic and international markets. (Source: Khmer Times)

Corporate News

ABA Bank retains strong 'B+' credit rating from S&P ABA Bank, Cambodia's largest commercial bank, has successfully maintained its strong 'B+' credit rating with a stable outlook from Standard & Poor's (S&P) Global Ratings. This reaffirmation of the bank's credit rating reflects its financial strength, stability, and robust performance in a challenging market environment. The 'B+' rating is based on several factors, including ABA Bank's strong capital position, stable funding base, and prudent risk management practices. The bank's deposits increased by 25% in 2023, significantly outpacing the industry's average growth rate of 14%. This growth in deposits is attributed to the bank's focus on digital banking solutions and its ability to attract a large and diversified customer base. (Source: Cambodia Investment Review)

Stock Market

CSX index rises 0.33% with gains driven by ABC and PWSA The CSX Index advanced by 0.33%, closing at 402.0 points. On the main board, gains were driven by ABC (+1.16%) and PWSA (+0.32%), while PEPC (-0.40%) recorded a decline. GTI, PPAP, PPSP, PAS, MJQE, and CGSM ended the session unchanged. On the growth board, JSL gained 0.50%, whereas DBDE remained steady. The trading session closed with a total volume of 49,029 shares and a turnover of KHR 265 million. (Source: YSC Research)

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