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

  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry using ChatGPT AI to ‘ease workload’; Khmer version planned

    The Digital Government Committee is planning to make a Khmer language version of popular artificial intelligence (AI) technology ChatGPT available to the public in the near future, following extensive testing. On March 9, the Ministry of Post and Telecommunications revealed that it has been using the

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide

  • PM urges end to ‘baseless’ international Ream base accusations

    Prime Minister Hun Sen urges an end to “baseless” foreign accusations surrounding the development of the Kingdom’s Ream Naval Base, as the US has consistently suggested that the base is being expanded to accommodate a Chinese military presence. Hun Sen renewed his calls while

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to