H1 2020 sees Construction Material Imports Drop 14%, Associated Tariff Revenue Decline 28%

• Sommana Yan
• 18 July 2020
• Uncategorized
• 3524 Views

In the first half of 2020, construction material imports fell by 14%, while the associated tariff revenue also decreased by about 28%, indicating a stagnation of growth in the construction sector.

According to the National Bank of Cambodia’s biannual report, construction sector growth has slowed due to the decrease in demand, the completion of some construction projects, and a 14% decline in construction material imports.

Meanwhile, a report from the General Department of Customs and Excises also indicates that during the first semester this year, the tariff revenue from goods imports was valued at US$1,272 million, a 16% decrease compared to the same period a year before. The tariff revenue collected from construction material import decreased by 28%, according to the report.

Cambodia imported construction materials, equipment, cement, and steel worth about US$1.5 billion in 2019 and approximately US$1 billion in 2018.