Cambodia’s imports of vehicles surpass $600 million in H1
Cambodia’s imports of vehicles surpass $600 million in H1
Cambodia imported 414,725 vehicles worth $634.98 million in the first half of this year, data from the General Department of Customs and Excise show.
Broken down by category, the Kingdom imported 180,590 motorbikes worth $99 million, 192,397 bicycles worth $4.35 million and 25,483 cars worth $280.65 million.
It imported 1,212 vehicles for 10 or more passengers worth $17.448 million, 13,812 freight vehicles worth $194.47 million and 1,231 other vehicles worth $35.84 million.
The Post could not find the equivalent figures for the first half of last year, but Cambodia imported 1,124,210 vehicles worth $1.882 billion for the whole year 2019.
Broken down by category, the Kingdom imported 511,434 motorbikes worth $278.28 million, 466,112 bicycles worth $10.4 million and 95,067 cars worth $827.44 million.
It imported 7,998 vehicles for 10 or more passengers worth $112.75 million, 39,008 freight vehicles worth $542.2 million and 4,591 other vehicles worth $110.78 million.
Royal Academy of Cambodia economics researcher Hong Vanak told The Post on Sunday that Covid-19 has triggered a considerable downswing in product imports into the Kingdom and tightened consumer spending.
“Covid-19 has substantially trimmed demand for these particular forms of transportation,” he said, expressing confidence that demand would sputter back to life once the pandemic ebbs.
“Though a sharp rebound is unlikely, vehicle imports will be back in full gear sooner or later,” Vanak said.
As a primary source of customs revenue, he said, fluctuations in vehicle imports result in adverse effects on national revenue collection.
“And national income has slipped indeed, most notably in tax revenue from car imports from non-ASEAN countries with high rates, such as the US and those in the Arab region,” Vanak said.
The Kingdom imported more than $10.14 billion worth of products in the first half of this year, sliding 5.22 per cent from the same period last year, the National Bank of Cambodia reported. Vehicle imports fell two per cent.
