In the first nine months of 2023, Cambodia witnessed a substantial uptick in its imports of electrical machinery, equipment and related products from the international market, totalling more than $1.1 billion. This marks an increase of over 11% over the same period last year, as per data released by the General Department of Customs and Excise (GDCE).
Imports under Chapter HS 2 Code 85, encompassing electrical machinery and related items, amounted to $1.14 billion from January to September, reflecting an 11.1% surge compared to the $1.03 billion recorded during the same interval in the prior year. Goods categorised under Code 85 constituted 6.3% of Cambodia’s total imports, accounting for $18.22 billion.
In September alone, the country imported Code 85 products worth $116.33 million, a 7% decrease from the $125.08 million recorded in the same month last year.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), highlighted the important nature of Code 85 imports in the face of rapid technological advancements and the increasing demand for machinery for production and daily operations. He emphasised that the importation of these goods plays a pivotal role in enhancing the country’s production capacity and the increased export of goods to global markets.
“Growth in imports of these products is one of the factors that helps increase production capacity even higher,” he told The Post.
He added that the country has also been exporting Code 85 products to international markets for substantial earnings.
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Author: Hin Pisei
Publication date: 16 October 2023
Source: The Phnom Penh Post