Local Goods Replacing Imports

[geovalin]

The value of imports from neighboring Thailand has decreased by almost $500,000 in the first seven months of this year, a possible sign of health of Cambodia’s domestic production capabilities. According to figures released by the Thai embassy, the value of imports dropped by 16 percent to $2.429 billion. At the same time, Cambodian exports to Thailand increase by 52 percent, to $680 million.
 

At a press conference ahead of an upcoming expo showcasing Thai-made products, Jiranun Wongmongkul, a minister counsellor at the Thai embassy in Phnom Penh, explained the changes in bilateral trade were due to improved Cambodian production, and a drop is global oil prices. “For oil exports to Cambodia from Thailand, this year’s price is lower than previous years, but the quantity is quite similar so that explains some of the difference,” Ms. Jiranun said.
 

Bin Many Mialia, deputy managing director of PTT (Cambodia) – a Thai state-owned oil and gas company – noted that imports had actually increased since January, but that lower prices still ensured that trade value had dropped. “It is due to the price changes on the international market, so the price of imported oil decreased in line with that.”

 

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