Cambodia’s Robust Construction Sector Fuels US$280 Million Iron & Steel Imports in Nine Months

• 11 October 2023
• Local News
• 2163 Views

Amidst Cambodia’s burgeoning construction industry, iron and steel imports have surged, with the first nine months of 2023 witnessing over US$280 million worth of these crucial materials entering the country. This figure represents a substantial 3.2% increase from the previous year, as reported by the General Department of Customs and Excise in their latest release on 10 October.

According to the report, imports of iron and steel constitute 1.5% of the US$18.21 billion total import for the three quarters, underlining the industry’s significance in Cambodia’s economy

The month of September, however, saw a marginal decline in iron and steel imports, dropping 3.2% year-on-year to US$27 million.

Despite this, Cambodia’s economy remains on an upward trajectory. The World Bank has recently projected a growth rate of around 5.5% for 2023, which is set to escalate further to 6.1% in the following year. (Read more)

In contrast, the Asian Development Bank (ADB) revised its earlier forecast for Cambodia’s 2023 economic growth, adjusting it slightly downward from 5.5% to 5.3% in its 20 September 2023 report. (Read more)

This surge in iron and steel imports is a testament to Cambodia’s robust construction sector, which continues to be a pivotal driver of the nation’s economic growth, supported by exports of garments, tourism, agriculture, and the real estate industry.