Cambodia exports car tyres worth $527 million in first eight months
Cambodia exports car tyres worth $527 million in first eight months
Cambodia exported a staggering $527 million worth of car tyres, up 173 percent compared to the $193 million recorded during the same period last year, the General Department of Customs and Excise report showed.
The growth is attributed to the increasing presence of car tyre factories in Cambodia and reflects the diversification of exports to international markets, said Penn Sovicheat, Secretary of State and spokesman of the Ministry of Commerce.
“As tyre industry is one of the potential industries, the growth in exports shows the Cambodia-made tyres are quality and meet the demand in the foreign markets,” Sovicheat told Khmer Times.
The sector has shown potential as more investors seek to inject their investment into the country.
Currently, the country has three operational car tyre manufacturing facilities, with several more investment projects awaiting approval.
The three tyre factories are in Svay Rieng, Preah Sihanouk and Kratie provinces.
Two tyre factory investment projects were approved by the Council for the Development of Cambodia (CDC) in August.
According to the CDC, the investment project is to establish a tyre factory located in a Special Economic Zone in Kratie province’s Snuol district with an investment of $430 million and would generate nearly 2,000 jobs.
The second investment project is to set up a tyre factory in the Special Economic Zone in Svay Rieng province’s Bavet city with an investment of $256 million and can generate 1,500 jobs.
Cambodia has planted rubber trees in a total area of 407,172 hectares, in which the trees on 320,184 hectares, or 78.6 percent, are old enough to be tapped, according to a report from the Ministry of Agriculture, Forestry and Fisheries.
Over 173,915 tonnes of natural rubber latex were exported in the first seven months of 2024, slightly up 1.72 percent from 170,968 tonnes over the same period last year, said the report.
The Kingdom exports the rubber latex to Malaysia, Vietnam, Singapore and China.
