Decline in plastic imports ‘reflects efforts to curb use’

Feb 10th at 09:53
10-02-2024 09:53:40+07:00

Decline in plastic imports ‘reflects efforts to curb use’

Cambodia spent over $1 billion on imports of plastic and rubber products in 2023, a drop of more than 11%. The decrease reflects the government’s efforts to reduce plastic use nationwide, as reported by the General Department of Customs and Excise (GDCE).

 

Exports of goods categorised under Harmonised System (HS) Code 39, including plastics and related articles, totalled $1.07 billion in 2023, marking an 11.9% decrease from $1.22 billion in 2022.

The import value of Code 39 products accounted for 4.43% of the country’s total imports in 2023, which amounted to $24.18 billion, a slight decrease from 4.8% year-on-year.

For December 2023, imports of the items amounted to $96.14 million, a 10.7% decline from $107.67 million in the same month of 2022, according to the GDCE.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, suggested to The Post on February 8 that the decrease in plastic imports could be attributed to several key factors.

He said these include the increased extraction of domestic resources (latex) over imports, the government and private sector’s commitment to reducing plastic use for environmental protection, the recycling of old plastics and the adoption of biodegradable alternatives.

Vanak noted that while plastics are environmentally harmful, their importation is necessary for processing into products for daily use and packaging for both domestic and export purposes.

“The maximisation of local raw material extraction may be a primary cause for the decline in these imports. When the cost of importing foreign products decreases, it will bolster the national economy by allowing for the conservation of more international currency for use as international reserves,” he stated.

Vanak noted that the reduction in imports is also linked to growing environmental awareness among Cambodian citizens.

“Imports of plastic products are now for essential purposes only, with the government implementing numerous measures to minimise their use,” he added.

The Ministry of Environment announced on February 6 that plastic imports decreased by about 50% towards the end of 2023.

Khvay Atiya, an undersecretary of state at the ministry, said that imports in Q4 2023 declined by 32.2 tonnes from Q3.

“This indicates a rise in public awareness and increasing participation in the ministry’s ‘Today I will not use plastic’ campaign,” he said.

Atiya also highlighted that last month saw a significant drop in imports, with only 12 tonnes imported – an 80% decrease compared to over 60 tonnes in January 2023.

“We began recording the data to monitor the private sector’s use of plastic in their production chains,” he explained.

To further promote the reduction of plastic use, the government has implemented various measures, particularly in public spaces and schools.

Atiya said the initiatives encourage students to convert plastic and waste into compost, aligning with the UN Global Compact to combat non-biodegradable pollution. He added that the country is committed to international cooperation and has launched a nationwide campaign to reduce plastic use with widespread public involvement.

According to the ministry, the issue of plastic pollution has been a global concern, with all UN member states negotiating to establish a universal law to address it. This includes reducing production and supply and improving the efficiency of its use.

The Council for the Development of Cambodia (CDC) has subsequently approved investment proposals for the production and processing of plastics, covering items such as daily necessities, toys and packaging.

phnompenh post



RELATED STOCK CODE (1)

NEWS SAME CATEGORY

Cambodia boosts growth with local rating agency

Sou Socheat, director-general of the Securities and Exchange Regulator of Cambodia (SERC), stressed the importance of the country’s local rating agency, noting the...

New tourism strategy aims to enhance growth, arrivals

To enhance and broaden the scope of its promotional activities, Cambodia has decided to revise a sub-decree concerning the organisation and functioning of the...

UAE business forum set to boost trade ties

The Cambodia Chamber of Commerce (CCC) is set to lead 40 private companies to attend the 3rd Cambodia-United Arab Emirates (UAE) Business and Investment Forum in...

ADB and FTB join forces for MSME growth

In an effort to bolster trade finance, particularly for supporting Cambodia’s micro, small and medium enterprises (MSMEs), the Foreign Trade Bank of Cambodia (FTB)...

PM’s visit set to spur trade with Thailand

Businesspeople and economists are optimistic that Prime Minister Hun Manet’s visit to Thailand will bolster the flow of goods and investment between the two...

$100M set to stabilise crop prices via ARDB

The Agricultural and Rural Development Bank (ARDB) has earmarked approximately $100 million for the government’s special financing programme aimed at stabilising...

Cambodia-Korea business forum to boost investment

The Korea Trade-Investment Promotion Agency (KOTRA) plans to hold a forum to promote and attract investment to Cambodia, aiming to increase awareness among Korean...

Wing Bank accelerates access to finance with digital loan surge

Wing Bank Digital Loan is advancing financial inclusion in Cambodia, setting a record of nearly one million loan applications in 2023 with the potential for further...

Trade volume with Indonesia reaches $1.1 billion in 2023

Indonesia advanced from Cambodia’s 12th to 6th largest trading partner in 2023, with trade volume between the two countries reaching nearly $1.1 billion, marking an...

Price negotiations delay start of pepper exports to Arab markets

Price negotiations remain a significant hurdle in the initiative to officially export Cambodian pepper to the Arab market. The delay persists despite the fact that...


MOST READ


Back To Top