Cambodia’s Steel Import Surges: Reaches US$372m in 2023

• 10 January 2024
• Local News
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In a robust display of economic activity, Cambodia witnessed a notable surge in iron and steel imports, totaling an impressive U$372 million in 2023. This marks a substantial 3.5% increase compared to the figures recorded in 2022, signifying a thriving demand for steel products within the nation.

According to a report released by the General Department of Customs and Excise on 10 January, iron and steel imports now constitute approximately 1.5% of Cambodia’s overall imports, which stand at US$24.18 billion. The report underscores the pivotal role of the construction and infrastructure sector, reflecting a buoyant market for steel in various developmental projects across the country.

The month of December 2023 alone witnessed a remarkable surge in iron and steel imports, reaching US$39 million—an impressive 21% surge compared to the same period in 2022. This robust year-end performance highlights the sustained momentum in the steel industry, contributing significantly to Cambodia’s economic landscape.

Throughout the first nine months of 2023, Cambodia showcased a consistent appetite for construction steel, importing approximately US$280 million worth. This represents a notable 3.2% uptick from the corresponding period in 2022 when the imports stood at around US$271 million. The continued growth in steel imports reaffirms the resilience and dynamism of Cambodia’s construction and infrastructure sectors. (Read more)

As Cambodia positions itself as a key player in the regional economic landscape, the surge in steel imports not only reflects domestic construction activities but also underscores the nation’s commitment to robust and sustainable development.

• Business and Market
• Economy and Finance