Logo of Phnom Penh Post newspaper Phnom Penh Post - Food costs expose gap in country’s production

Food costs expose gap in country’s production

Food costs expose gap in country’s production

Despite a 67 per cent drop in food imports to Cambodia in 2011, inflation in exporting countries drove an 18 per cent rise in the total value of the imports.

Food imports fell from 769,993 tonnes in 2010 to 254,080 in 2011, while the total value of imports increased to US$158 million from $134 million, data from the Ministry of Commerce showed.

Inflation in countries such as Vietnam, Thailand, Malaysia, Australia and Singapore led to the increase in revenue, University of Cambodia economics and business lecturer Chheng Kimlong said. “Those countries had increased inflation so it pushed up the product prices. That’s also why the volume slowed down.”

Cambodia has few other options than to import food products from neighbouring countries, Chheng Kimlong said. Domestic production is still low and cannot meet consumer demand, he said.

Meng Saktheara, director general at the Ministry of Industry, Mines and Energy, said the small- and medium-sized enterprise subcommittee that he oversees received $800,000 in unconditional aid from the Asian Development Bank to increase local entrepreneurs’ technical capacity and competitiveness.

Growth in consumer demand for foreign food products could usher in new investment from abroad, Chheng Kimlong said. The increased spending could catch the eyes of foreign companies looking to set up shop in the Kingdom, he said.

MOST VIEWED

  • US names new ambassador to Cambodia

    US President Donald Trump on Friday appointed W Patrick Murphy as the new US Ambassador to Cambodia, replacing incumbent William A Heidt. A press release posted on the White House’s website said nominee W Patrick Murphy is currently acting principal deputy assistant secretary at

  • US to ramp up sanctions after ‘flawed’ national polls

    At a press conference on Wednesday, the US State Department announced that it would expand visa sanctions on the Cambodian officials and individuals it deems responsible for “undermining democracy” in Cambodia. At the briefing, spokesperson Heather Nauert reiterated that the department regarded the July 29 elections

  • Kingdom is at a crossroads between East, West after poll

    It was dubbed a success by caretaker prime minister Hun Sen after the electoral victory of his Cambodian People’s Party (CPP), which is poised to take all seats in the National Assembly. But the July 29 national election has not been positively looked at by

  • Final poll results confirm first single-party Assembly

    IN an unprecedented situation in Cambodian politics, the official results of the July 29 national elections have declared that the Cambodian People’s Party (CPP) will take all 125 seats in the National Assembly on the back of it receiving 76 per cent of the votes. The National