Logo of Phnom Penh Post newspaper Phnom Penh Post - S’ville port handles over $2.2B in imports, exports

S’ville port handles over $2.2B in imports, exports

Content image - Phnom Penh Post
Imports and exports passing through the Sihanoukville Special Economic Zone (SSEZ) were to the tune of $2.234 billion in 2021, up 42.75 per cent year-on-year. SSEZ

S’ville port handles over $2.2B in imports, exports

The value of imports and exports handled at the Sihanoukville Special Economic Zone (SSEZ) reached $2.234 billion in 2021, marking a 42.75 per cent rise from $1.565 billion a year earlier, according to a statement released by the operator on January 10.

This follows a 26.52 per cent uptick in 2020 versus $1.237 billion in 2019, previous statistics show.

The statement did not provide separate figures for imports and exports.

For reference, the operator previously reported that imports and exports passing through the SSEZ were to the tune of $2.001 billion in January-November 2021, up by 40 per cent from the $1.429 billion posted in the corresponding period a year earlier.

Developer and operator Sihanoukville Special Economy Zone Co Ltd said it “is committed to rapid growth for all enterprises in SSEZ”.

Cambodia Chamber of Commerce (CCC) vice-president Lim Heng ascribed the rapid growth mainly to an increase in production capacity and orders from large-scale investors.

He suggested that the mounting volume of orders for Cambodian products was boosted by production chain disruptions in countries that produce similar goods, which he attributed to political instability and more severe Covid-19 crises.

Heng did not mention any country by name, but his go-to examples are Myanmar, Bangladesh and Vietnam.

He contended that relatively low levels of disruptions have elevated the world’s confidence in Cambodian production, and said SSEZ tenants are placing more orders for the raw materials and other inputs that they need to churn out finished products.

“For 2022, I think SSEZ’s revenue from imports and exports will be even higher with the new investment law, bilateral Cambodia-China Free Trade Agreement and the Regional Comprehensive Economic Partnership in effect, as a new impetus to drive more orders for all sectors in Cambodia,” Heng said.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, noted that the larger, nearly 50 per cent figure logged in 2021: included imports of machinery, parts and raw materials such as fabrics needed for operations; came even as Covid-19 continues to threaten global production and demand; and bodes well for 2022.

“This improvement in imports and exports demonstrates that the quality and production chains of factories and manufacturing enterprises in the SSEZ are able to meet the standards and quantities for orders,” he said.

“Growth in the value of SSEZ’s imports and exports will see significant upward momentum in 2022.”

SSEZ lies on a whopping 11.13sq km in Bit Traing commune’s Pou Thoeung village in Preah Sihanouk province’s Prey Nop district.

Established in 2008 and purportedly committed to creating multinational investment platforms for companies around the world, SSEZ is a partnership between by Jiangsu Taihu Cambodia International Economic Cooperation Investment Co Ltd and the Cambodia International Investment Development Group Co Ltd.

The CCC’s Heng said that operating in SEZs makes record keeping of imports and exports easier, and argued that this has stepped up the pace of economic growth in the Kingdom.

There are currently 39 SEZs in the Kingdom, according to the Council for the Development of Cambodia (CDC).

MOST VIEWED

  • South Korea’s first lady brings hope to ill boy

    South Korea’s first lady Kim Keon-hee – wife of current president of the Republic of Korea, Yoon Suk Yeol – met with a 14-year-boy with congenital heart disease during her trip to the Kingdom for the ASEAN Summit. After their meeting it was announced that the

  • Hun Sen gets Covid, shuns G20, APEC summits

    Prime Minister Hun Sen said he has tested positive for Covid-19 in Indonesia, where he is slated to attend the G20 summit in his capacity of the ASEAN chair. In a social media post addressing the Cambodian public, he said: “Before leaving Cambodia, I always

  • Moody’s sets outlook rating to ‘negative’ for Cambodia

    US global rating agency Moody’s Investors Service Inc on November 15 announced that it downgraded Cambodia’s outlook from “stable” to “negative” and maintained its B2 local and foreign currency issuer ratings. “The negative outlook reflects a deteriorating external position as illustrated by the severe

  • Hun Sen’s Covid infection caused by ‘weakened antibody’ after summit

    Prime Minister Hun Sen said exhaustion from heavy workload before and during the recent ASEAN Summit may have led to him contracting Covid-19 due to his weakened immune system, while rejecting speculations that the infection was caused by leaders of some countries who did not

  • Korean first lady paves way for ill boy’s surgery

    A 14-year-old boy with congenital heart disease who was lucky enough to meet with South Korean first lady Kim Keon-hee may get the chance of a lifetime and receive surgery and treatment at Asan Medical Center in Seoul, South Korea. After seeing his plight, many

  • Kingdom’s rice crowned world’s No1

    Cambodia’s Phka Rumduol jasmine variety has been crowned the World’s Best Rice for the fifth time at the TRT (The Rice Trader) World Rice Conference in Phuket, Thailand on November 17, according to leaders of the Kingdom’s apex rice industry body. Phka Rumduol