Cambodia’s exports of electrical machinery, equipment and related products surpassed $2.4 billion in the first nine months of 2023, marking an increase of nearly double compared to the same period last year, according to the General Department of Customs and Excise (GDCE).
The exports, classified under Harmonized System (HS) Code 85, reached a value of $2.476 billion between January and September 2023, marking a 93.5% increase from the $1.28 billion recorded in the corresponding interval in 2022.
This accounts for 14.6% of Cambodia’s near $17 billion total export revenue during the period. The same sector represented only 7.5% of 2022’s total exports which amounted to more than $17 billion.
In September alone, the export of these goods saw a 65% year-on-year rise to $314.29 million, from $190.49 million in September 2022.
Hong Vanak, an economist at the Royal Academy of Cambodia’s International Relations Institute, said on November 6 that the country’s progressive development and strategic efforts in drawing both local and international investors have turned the country into a diversified production hub for the global market.
He emphasised that the surge in electrical exports signifies not only an enhancement of the workforce’s capacity but also serves as a magnet for major corporations to establish factories and production facilities in the country.
“The establishment of factories capable of producing machines and components within Cambodia is a considerable draw for large companies, who may prefer to manufacture or assemble products locally to avoid the shipping costs incurred from overseas assembly,” he explained.
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Author: Hin Pisei
Publication date: 06 November 2023
Source: The Phnom Penh Post