Car import values falls by more than 36% in 2020
Car import values falls by more than 36% in 2020
The global Covid-19 pandemic caused the value of imported cars to Cambodia in 2020 to drop to nearly $1.1 billion, a decrease of more than 36 per cent compared to 2019, according to a report issued by the Ministry of Commerce.
Cambodia spent $1.099 billion on car imports from international markets in 2020, down from $1.734 billion the previous year, or 36.6 per cent.
Lim Heng, vice-president of the Cambodian Chamber of Commerce, said amid the Covid-19 crisis, consumer spending decreased while cross-border shipments were also more restrictive.
He said aside from essential products for daily living, imports of other products were mostly down.
Heng said, however, that he expected imports to pick up again when the Covid-19 situation is under control, especially following vaccination against Covid-19 among the majority of the population.
The decline in car imports has reduced Cambodia's customs revenue in 2020 by about $30.26 million, according to Minister of Economy and Finance Aun Pornmoniroth.
