Cambodia has imported iron and steel worth over $84 million in the first quarter of 2022 – an increase of over three per cent compared to the same period last year, according to the General Department of Customs and Excise (GDCE).
The GDCE said that during the first three months, iron and steel imports totalled $84.08 million – an increase of 3.5 per cent over the same period in 2021, when $81.23 million was recorded.
In March of this year, iron and steel imports accounted for $26.29 million – a drop of 12.1 per cent from $29.9 million over the same period last year.
Chiv Sipheng, general manager of the Cambodian Builders Association, told The Post that although the Covid-19 pandemic had disrupted some major development projects, especially those owned by local investors, construction was ongoing, citing as an example gated community projects, known locally as Borey.
He said construction remained underway while sales and purchases had generally proceeded smoothly.
‘’The growth of private housing projects and Borey construction has increased the demand for steel imports in the construction sector. This growth will continue to gain momentum as the reopening of the country will attract more new international investors to Cambodia,’’ he said.
He noted that iron had been imported from Vietnam, Thailand, China and South Korea.
Amid the pandemic in early December 2020, Chinese-owned Hong De Sheng (Cambodia) Steel Co Ltd also began operations in Kampong Speu province with a capital of $16.7 million. The company reportedly boasts a production capacity of 500,000 tonnes of steel in its initial stage.
According to the Ministry of Land Management, Urban Planning and Construction, in 2021 there were 4,303 construction projects across the country with an investment capital of approximately $5.3 billion approved – a drop of 31.21 per cent over the previous year.
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Author: Hin Pisei
Source: The Phnom Penh Post
Publication date: 15 April 2022