Modest growth for building material imports
Modest growth for building material imports
The Kingdom spent some $502 million to import raw materials for use in the construction sector in the first half of the year. This is a six per cent increase over the same period last year, a National Bank of Cambodia (NBC) report said.
While the growth is modest, an industry insider said it still reflects stable development in the industry.
Cambodia Constructors Association secretary Chiv Sivpheng projects construction activity to see a bigger boom in the second half of the year, which would cause a boost in the demand for materials.
While the majority of materials used in the sector are imported, Sivpheng said there is an increasing number of local suppliers for products such as cement and bricks.
“As the construction sector and demand of materials grow, more local investors will set up production and make products for the sector and we will rely less on imports,” he said.
Despite giving data on the volume of imported construction materials, the NBC report didn’t give a breakdown of the product types.
The Ministry of Land Management, Urban Planning and Construction approved 1,643 construction projects in the first half of this year occupying a total area of 5.3 million square metres. The estimated value of the approved projects could reach about $2.1 billion.
Roongrote Rangsiyopash, president and CEO of SCG, the parent company of Kampot Cement, said that the Kingdom’s construction sector was showing continuous growth as commercial and residential buildings in cities keep being built.
SCG reported sales revenue of $202 million in the first half of this year, an increase of 19 per cent over the same period last year.
