Vanak reasoned that since its imports comprise mostly raw materials and other inputs used in the production of goods for export, a decline in exports means a decline in imports.
He attributed the recent weak performance of SSEZ’s imports and exports to sluggish demand on international markets for the industrial zone’s products, which he linked to economic uncertainty, heightened oil prices and the Russia-Ukraine conflict.
“When the global situation is unstable, foreign orders will not increase, because people will avoid unnecessary expenses, and stick to food and daily necessities,” he said.
Vanak predicted that Cambodian exports in general would trend up even more, supported by increasing international interest in locally-made products, the Regional Comprehensive Economic Partnership (RCEP) and the bilateral free trade agreements (FTA) penned with China and South Korea.
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