Bilateral trade between Cambodia and Singapore in the first seven months of 2022 amounted to $2.608 billion, a sharp drop of 27.46 per cent compared to the $3.595 billion logged in the same period last year, according to the General Department of Customs and Excise of Cambodia (GDCE).
Singapore-based ASEAN+3 Macroeconomic Research Office (AMRO) on August 11 put Cambodia’s economic growth at a robust 5.0 per cent in 2022, thanks to high vaccination rates and strong fiscal stimulus packages, but warned of a slowdown in export orders from key buyers, especially the US and EU for textile-related goods in the second half of the year.
Cambodia and China are committed to promoting trade, encouraging Chinese investors to invest in businesses and increasing direct flights to Cambodia, opening up larger markets for Cambodian agricultural imports.
A special budget package has been allocated to mitigate inflationary pressure and challenges that might affect the Cambodian economy due to the rising oil and food prices tied to the Russia-Ukraine conflict.
The Ministry of Commerce plans to incorporate consumer protection dispute mechanisms and resolutions into the draft 2022-2030 postal sector development policy to encourage businesses to use technology effectively to monitor transportation and the delivery of goods within the country and across borders.
The Council for the Development of Cambodia (CDC) on July 26 said it approved 127 Singapore-owned investment projects worth $1.53 billion as of June 30, since it was established in 1994.
The investment landscape in Cambodia showed a marked recovery over the first five months of 2022, during which the Council for the Development of Cambodia (CDC) approved 63 private investment projects outside of the Kingdom’s special economic zones (SEZ), 18 ventures more than in the same period last year, according to the finance ministry.
A business delegation of about 70 Thai companies is due to visit Cambodia on August 5 in a bid to further strengthen business, trade and investment cooperation between the two countries as well as their primary trade bodies, the Ministry of Commerce announced on July 22.
Global rating agency Standard & Poor (S&P) forecasts Cambodia’s gross domestic product (GDP) to expand to 6.3 per cent this year, higher than projections made by the World Bank, International Monetary Fund and Asian Development Bank.
Bilateral trade between Cambodia and Canada totalled $583.04 million in the first half (H1) of 2022, up by 35.60 per cent from the $429.97 million booked in the corresponding period last year, according to the General Department of Customs and Excise (GDCE).