ISSN 1810-6358

viTüasßanbNþúHbNþal nig RsavRCavedIm,IGPivDÆn_km<úCa

CDRI – Cambodia’s Leading Independent
Development Policy Research Institute

r)aykarN_fµI²sþIBIesdækic©km<úCa
Flash Report on the Cambodian Economy

kkáda 2009 ¼ July 2009

saMg c½nÞhgS ¼ Saing Chan Hang

pan; dalIs ¼ Phann Dalis
b:un dUrINa ¼ Pon Dorina

bkERbeday³ yU siT§IriT§ nig exg esg

PñMeBj km<úCa
Phnom Penh, Cambodia

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Office Address: #56, Street 315, Tuol Kork, Phnom Penh, Cambodia, Postal Address: CDRI, PO Box 622 Phnom Penh, Cambodia
Tel: (855-23) 881-384/881-701/881-916/883-603 Fax: (855-23) 880-734 E-mail: pubs@cdri.forum.org.kh. Web site: http://www.cdri.org.kh

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CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 2
Cambodia Economic Flash Report –July 2009
Highlights
This report highlights some of the key economic
indicators for Cambodia and its main trading partners.
It compares figures for the current months with those
of earlier months in 2008.
During the first quarter of 2009, fixed asset investment
approvals for the garment subsector continued to slide,
from USD 21.4 m in the preceding quarter to USD
16.4 m. From the same quarter last year, investment
approvals in the sector plummeted by 61 percent.
In May, total foreign visitors fell by 18 percent from
the previous month, driven by the 16 percent and 14
percent slump in holiday visitor and business arrivals.
Compared with the same month last year, total visitor
arrivals dropped slightly, by 4.0 percent, led by 11
percent and 5.4 percent falls in holiday and business
arrivals.
Phnom Penh’s construction approvals indicated a fall
of 37 percent from the preceding month, decreasing to
USD 57.5 m in March 2009. The downward trend was
due primarily to the 96 percent drop in construction
approvals of flats, but was offset by the 6.1 percent
rise in villa & house construction approvals.
In April, the twelve-month average interest rate on riel
loan was 0.79 percent lower than that of the previous
month, offering at 21.94 percent. The interest rate on
US dollar loans dropped to 16.01 percent. On the
monetary market, liquidity (M2) increased slightly by
3.7 percent from the previous month, reaching KHR
12954.1 bn in April. Net foreign assets slumped by 91
percent, while domestic credit showed a 1.3 percent
increase. Credits to the private sector and government
rose by a meagre 1.0 percent and 0.4 percent.
In June, riel traded low against the US dollar, Thai
baht and Vietnamese dong. The value of riel against
US dollars was at 4133.9 riels/USD, with Thai baht at
121.9 riels/baht, and Vietnamese dong at 23.4 riels per
100 dong.
In April, Cambodia’s total exports shrank by 17
percent from the preceding month. Therein, exports of
garments, rubber and fish dropped by 5.0 percent, 25
percent and 83 percent, respectively. During the same
period, imports of cigarettes surged by 69 percent;
petroleum imports rose slightly by 9.8 percent; while
cement and steel showed falls of 46 percent and 71
percent, respectively.
In May, the current budget surplus rose by 36 percent
from the previous month, rising to KHR 116.1 bn.
Revenue collection decreased slightly, by 1.4 percent,
stemming from the fall of domestic tax (9.5 percent)
and non-tax collection (12 percent), while import and
export tax rose by 38 percent. For current expenditure,
total expenditure slipped by 12 percent. Of that,

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CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 3
Cambodia Economic Flash Report –July 2009
spending on wages fell by 21 percent, while on social
assistance and subsidies spending rose by 58 percent.
In May, the year-on-year consumer price index slipped
by 5.7 percent, lower than the 3.9 percent of April.
The downward trend resulted from the fall in the price
of food and non-alcoholic beverages (6.7 percent);
housing and utilities (9.6 percent); communication (11
percent); and transportation (15.8 percent), offset by
the increase in the price of education (27.3 percent);
clothing and footwear (5.8 percent); and house
furniture and household operation (5.6 percent).
In June, both diesel and gasoline prices increased by
7.4 percent and 6.6 percent compared with the
preceding month. During the same month, the price of
rice rose in Kampot (15.9 percent), while the price
was down in Kampong Cham (Kg.Cham, 2.0 percent)
and Svay Rieng (S. Rieng, 3.8 percent). The fish price
rose further in Battambang (BB, 12 percent), Kg.
Cham (29 percent) and Siem Reap (S.R., 8.3 percent),
while the value remained unchanged in Kampong
Speu (Kg. Speu). Moreover, there was an increase in
the pork price in B.B, Kg. Cham and S.R., while the
value was stable in Kampot, Kg. Speu and S. Rieng.
In May, Thailand’s export prices for rice and maize
decreased by 2.4 percent and 46 percent, while the
rubber price showed a slight increase of 1.8 percent. In
Vietnam’s market, rice and rubber prices marked a
slight increase of 2.5 percent and 2.3 percent, while
the price of cashew nuts fell by 4.8 percent.
In May, the year-on-year consumer price index slipped
in the USA (1.3 percent) and Japan (1.1 percent),
while the index was stable in the Euro zone. The trend
was similar in China (a 1.4 percent fall), but reverse
trends were evident in Hong Kong and S. Korea,
marking 0.1 percent and 2.7 percent rises,
respectively. The price index was high in Malaysia
(2.4 percent) while it was low in Singapore (0.3
percent) and Thailand (3.3 percent).
In June, the value of the Hong Kong dollar remained
stable from the previous month, while the Korean won
depreciated (0.6 percent) against the US dollar. During
the same month, the value of Japanese yen, Singapore
dollar, Thai baht, and the Euro against the US dollar
showed an appreciation of 0.1 percent, 0.6 percent, 1.5
percent and 2.8 percent, respectively.
The prices of the main agricultural products on the
world market fell in May 2009. Therein, the prices of
palm oil, soybeans and maize decreased by 6.1
percent, 7.7 percent, and 14 percent from the
preceding month. In June, the international spot price
of crude oil was at USD 67.9/barrel, diesel, US cents
46.3/ℓ and gasoline, US cents 49.9/ℓ. The prices of
crude oil, diesel and gasoline increased by 24 percent,
19 percent, and 14 percent, respectively, from a month
earlier.
 Cambodia Economic Flash Report –July 2009
skmµPaBesdækic©sMxan;² nig éføTMnijenAkm<úCa
Main Economic Activities and Consumer Prices in Cambodia
Fixed Asset Investment Approvals: Cambodia: Foreign Visitor Arrivals
Garment Subsector March 2008–May 2009
2006 Q3–2009 Q1 250
Other
80 Business
200
70 Holiday 19

000' persons
60 2
150 12
12
50 11
42 11
USD m

37
40
100
30 21
138 146
16
20 50 123
10
0 0
06Q3
06Q4
07Q1

07Q2
07Q3
07Q4
08Q1
08Q2

08Q3
08Q4
09Q1

Jul-08

Sep-08
Mar-08

May-08

Nov-08

Jan-09

Mar-09

May-09
Including expansion projects
Source: Council for the Development of Cambodia Source: Ministry of Tourism
Phnom Penh: Value of Construction Approvals Phnom Penh: Inflation
January 2008–March 2009 (October–December 2006=100)
Year-on-Year Changes for May 2009
300
Other 30%
250 Flats
20%
Villas & houses
200
10% 5.8% 5.6%
USD m

150 -6.7% -15.8% 0.3%

0%
100 3.4% 27.3%
-10% -5.7%
26 -9.6% -11.0%
50
3
-20%
0 28
All ite m s F o o d & no n-a lc o ho lic be ve ra ge s
Jul-08

Sep-08
Jan-08

Mar-08

May-08

Nov-08

Jan-09

Mar-09

C lo thing a nd fo o twe a r Ho us ing a nd utilitie s

Ho us e fur. a nd HH o pe . M e dic a l c a re
Tra ns po rt C o m m unic a tio n
R e c re a tio n a nd c ulture Educ a tio n
Source: Economic & Monetary Statistics, NBC
Source: National Institute of Statistics

Phnom Penh: Gasoline & Diesel Prices Interest Rates on 12-Month Bank Loans
April 2008–June 2009 February 2008–April 2009
7000 45%
6000 40%
5000 35% 16.0%
3651

30% 16.4%
4000
Riels/ℓ

15.8%
25%
3000
3250

20%
Diesel
2000 15% 21.9%
Gasoline Dollar loan rate
1000 10% 22.5%
Riel loan rate 22.7%
0 5%
Aug-08
Jun-08

Feb-09

Jun-09

0%
Apr-08

Dec-08

Apr-09
Oct-08

Aug-08
Feb-08

Jun-08

Feb-09
Apr-08

Dec-08

Apr-09
Oct-08

Source: CDRI
Source: Economic & Monetary Statistics, NBC

CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 4

 Cambodia Economic Flash Report –July 2009
sßanPaBGRtabþÚrR)ak; nig CMnYyGPivDÆn_BIeRkARbeTs
Exchange Rates and External Development Assistance
Riels per US Dollar Riels per THB & VND
April 2008–June 2009 April 2008–June 2009
4200 128 26

4151

24.9
4132
126 25
4150

23.4
23.3

KHR per VDN100

124 24
4083

4134

KHR per Baht

4100

4115

123
122 23

122
4050
4066

120 22

120
4000 118 21
Market rate
116 T hai baht (left) 20
3950 Vietnamese dong (right)
Official rate
114 19
3900

Aug-08
Jun-08

Feb-09

Jun-09
Apr-08

Dec-08

Apr-09
Oct-08
Aug-08
Jun-08

Feb-09

Jun-09
Apr-08

Dec-08

Apr-09
Oct-08

Source: National Bank of Cambodia Source: National Bank of Cambodia

Monetary Survey Domestic Credit
February 2008–April 2009 February 2008–April 2009
210% 160% 110%
180% 140% 100%
150% 120% 90%
120% 100% 80%
90% 80% 70%
60% 60%
60% 40% 50%
30% 20% 40%
0% 0% 30%
-30% -20% 20%
-40% 10%
Aug-08
Feb-08

Jun-08

Feb-09
Apr-08

Dec-08

Apr-09
Oct-08

Aug-08
Feb-08

Jun-08

Feb-09
Apr-08

Dec-08

Apr-09
Annua lis e d gro wth ra te (M 2)
Oct-08
Annua lis e d c ha nge in do m e s tic c re dit (le ft)
Annua lis e d gro wth ra te (M 1)
Annua lis e d c ha nge in priva te s e c to r c re dit (le ft)
Gro wth o ve r the pre vio us 12 m o nths (M 2)
P re vio us 12 m o nths ' gro wth in do m e s tic c re dit (right)

Source: National Bank of Cambodia Source: National Bank of Cambodia

Monetary Operations External Development Assistance Disbursement:

February 2008–April 2009 Community and Social Welfare
14000 2000–2007
12000
10000 90
8000 80
6000
KHR bn

70
4000
2000 60
0
50
USD m

-2000
-4000 40
-6000 30
Aug-08
Feb-08

Jun-08

Feb-09
Apr-08

Dec-08

Apr-09
Oct-08

20
10
Liquidity Net Foreign Assets 0
Private Sector Credit Government Deposits
Other 2000 2001 2002 2003 2004 2005 2006 2007

Source: National Bank of Cambodia

Source: Cambodia Aid Effectiveness Report 2007, CDC

CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 5

 Cambodia Economic Flash Report –July 2009
BaNiC¢kmµeRkARbeTs nig karGnuvtþfvikaCati
External Trade and National Budget Operations
Imports: Cigarettes & Construction Materials Cambodia: Main Exports
February 2008–April 2009 February 2008–April 2009
120 400 8
350 7
100 300 6
62.6
250 5
19.1

USD m

USD m
80 200 4
18.5
17.0 150 3
KHR bn

60 10.3 100 2
50 1
40 19.1
0 0

Feb-08

Aug-08

Feb-09
59.6

Apr-08

Dec-08

Apr-09
Jun-08

Oct-08
54.9
20
Cigarettes Cement Steel
32.4
0 Total exports (left) Garments (left)
Aug-08

Rubber (right) Fish (right)

Feb-08

Jun-08

Feb-09
Apr-08

Dec-08

Apr-09
Oct-08

Source: Economic & Monetary Statistics, NBC

Source: Economic & Monetary Statistics, NBC Note: revised data for June 08 & January 09

Imports: Petroleum Products Current Budget Operations

February 2008–April 2009 March 2008–May 2009
120 350
98.4

300
89.6
89.6

100
250
80 200
150 131
KHR bn

116
KHR bn

60 100 85
50
40
0
20 -50
-100
0 -150
Aug-08
Feb-08

Jun-08

Feb-09
Apr-08

Dec-08

Apr-09
Oct-08

Jul-08

Sep-08
Mar-08

May-08

Nov-08

Jan-09

Mar-09

May-09
Source: Economic & Monetary Statistics, NBC Source: MEF Bulletin
Current Budget Revenue Current Budget Expenditure
March 2008–May 2009 March 2008–May 2009
600
1400
Other services
500 1200 Subsidies and social assistance
50 Wages
1000 Current expenditure
400 114 51 45
KHR bn

800
KHR bn

69 96 102
300 600
] 52
400
200 141
338 298
Non-tax 200
294
100 Import and Export taxes 270 0
Domestic taxes
Nov-08
May-08

Sep-08

May-09
Mar-08

Mar-09
Jul-08

Jan-09

0
Jul-08

Sep-08
Mar-08

May-08

Nov-08

Jan-09

Mar-09

May-09

Source: MEF website Source: MEF website

CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 6

 Cambodia Economic Flash Report –July 2009
éfømðÚbGahartamextþkñúgRbeTskm<úCa
Provincial Food Prices
Cambodia: Food Prices in Siem Reap Province Cambodia: Food Prices in Battambang Province
April 2008–June 2009 April 2008–June 2009
21500 27000 21500 27000
18000 23000 18000 23000
14500 19000
Riels/kg

Riels/kg
14500 19000

Riels/kg

Riels/kg
11000 15000
11000 15000
7500 11000
7500 11000
4000 7000
4000 7000
500 3000
Jun-08

Oct-08
Dec-08
Feb-09

Jun-09
Apr-08

Aug-08

Apr-09
500 3000

Jun-08

Oct-08

Dec-08

Feb-09

Jun-09
Apr-08

Aug-08

Apr-09
Rice-Phkar Knhei (left) Fresh fish (left)
Rice-Phkar Knhei (left) Fresh fish (left)
1st quality pork (right) 1st quality beef (right)
1st quality pork (right) 1st quality beef (right)

Source: CDRI Source: CDRI

Cambodia: Food Prices in Kg. Cham Province Cambodia: Food Prices in Kampot Province
April 2008–June 2009 April 2008–June 2009
21500 27000 21500 27000
18000 23000 18000 23000
14500 19000 14500 19000
Riels/kg

Riels/kg

Riels/kg

Riels/kg
11000 15000 11000 15000
7500 11000 7500 11000
4000 7000 4000 7000
500 3000 500 3000
Jun-08

Oct-08
Dec-08
Feb-09

Jun-09
Apr-08

Aug-08

Apr-09

Jun-08

Oct-08
Dec-08
Feb-09

Jun-09
Apr-08

Aug-08

Apr-09
Rice-Phkar Knhei(left) Fresh fish (left) Rice-Phkar Knhei(left) Fresh fish (left)
1st quality pork (right) 1st quality beef (right) 1st quality pork (right) 1st quality beef (right)

Source: CDRI Source: CDRI

Cambodia: Food Prices in Svay Rieng Province Cambodia: Food Prices in Kg. Speu Province
21500
April 2008–June 2009 27000
April 2008–June 2009
25000 31000
18000 23000 21500 27000
18000 23000
Riels/kg

Riels/kg

14500 19000
14500 19000
Riels/kg

Riels/kg

11000 15000 11000 15000

7500 11000
7500 11000
4000 7000
4000 7000 500 3000
Jun-08

Oct-08
Dec-08
Feb-09

Jun-09
Apr-08

Aug-08

Apr-09

500 3000
Jun-08

Oct-08

Dec-08

Feb-09

Jun-09
Apr-08

Aug-08

Apr-09

Rice-Phkar Knhei (left) Fresh fish (left)

Rice-Phkar Knhei (left) Fresh fish (left) 1st quality pork (right) 1st quality beef (right)
1st quality pork (right) 1st quality beef (right)

Source: CDRI
Source: CDRI

CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 7

 Cambodia Economic Flash Report –July 2009
éføTMnijtamextþkñúgRbeTskm<úCa³ tammuxTMnij
Provincial Goods Prices in Cambodia by Products
Cambodia: Rice Price in Three Provinces Cambodia: Rice Price in Three Provinces
(Selected months) (Selected months)
3000
3000

2800
2500 2500

2800
2800
2550

2400
2425

2450

2500
2000

2500
2000
2800

2550
Riels/kg

2550

2400

Riels/kg

2600
2100

2550
1500 1500
2500

2300

2200
2100

2500

2200
2500
1000 1000

2500
Battambang Kampot
500 Kampong Speu 500 Siem Reap
Kampong Cham Svay Rieng
0 0
Mar-09 Apr-09 May-09 Jun-09 Mar-09 Apr-09 May-09 Jun-09

Source: CDRI Source: CDRI

Cambodia: Fish Price in Three Provinces Cambodia: Fish Price in Three Provinces
(Selected months) (Selected months)
14000
Battambang 18000
12000 Kampong Speu 16000
Kampong Cham

16000
10000
14000

15000
15000
11500

12000

13000
10250
9000

9750

12000
8000
Riels/kg

10000 12000
10000
9000

10000
10000

12000

12000
6000 8000

14000
11000

13000
7725

11000

6000
8500
11000

4000
4000 Kampot
7775

2000 Siem Reap

2000 Svay Rieng
0 0
Ma r-09 Apr- 09 Ma y-09 J un-09 Mar-09 Apr-09 May-09 Jun-09

Source: CDRI
Source: CDRI
Cambodia: Pork Price in Three Provinces Cambodia: Pork Price in Three Provinces
(Selected months) (Selected months)
20000
18000 18500
Kampot
16000 18000
Siem Reap
18000
15000

17000

14000 17500
16500

Svay Rieng
15000

15500

17000
16000

14500

12000
18000

18000
Riels/kg

17000

16500
18000

10000
Riels/kg

17000
16500
17000

16500
17000

16000
8000
18000

15500
16000

6000
15000
4000 Battambang
16000

14500
15000
16000

2000 Kampong Speu

16000

Kampong Cham 14000

15000

0
13500
Mar-09 Apr-09 May-09 Jun-09
Mar-09 Apr-09 May-09 Jun-09

Source: CDRI
Source: CDRI

CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 8

 Cambodia Economic Flash Report –July 2009
éføTMnij karnaMecj nig cMnYneTscrGnþrCatienAkñúgRbeTsCaédKUrbs;km<úCa
Goods Prices, Exports and International Tourist Arrivals to Partners of Cambodia
Thailand: Prices of Rubber, Rice and Maize Vietnam: Prices of Rubber, Rice and Cashew Nuts
March 2008–May 2009 March 2008–May 2009
1400 3000 1400 13000
1200 2500 1200 11000

USD per tonne

USD per tonne

USD per tonne

USD per tonne

1000 2000 1000 9000
800 1500 800 7000
600 1000 600 5000
400 500 400 3000
200 0 200 1000

Jul-08
Mar-08
May-08

Sep-08
Nov-08
Jan-09
Mar-09
May-09
Jul-08

Sep-08
Mar-08

May-08

Nov-08

Jan-09

Mar-09

May-09
Rice (left) Rice (left) Rubber (right)
Rubber (right)
Cashew nuts (right)
Maize and Maize Products (right)

Source: Bank of Thailand, Foreign Trade and Balance of Payments Source: General Statistics Office of Vietnam
Thailand: Exports to the World Vietnam: Exports to the World
March 2008–May 2009 March 2008–May 2009
900 4.0 480 140
800 3.5 400 120
700 3.0
320 100
USD m

USD m

600 2.5
USD m

USD m
240 80
500 2.0
400 1.5 160 60

300 1.0 80 40
200 0.5 0 20
Jul-08
Mar-08

May-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-08

Sep-08
Mar-08

May-08

Nov-08

Jan-09

Mar-09

May-09
Rice (left)
Natural rubber and similar natural gums (left) Rice (left) Rubber (left)
Cashew and similar nuts (right) Cashew nuts (right)

Source: Customs Department of Thailand

Source: General Statistics Office of Vietnam
Thailand: International Arrivals Vietnam: International Arrivals
October 2006–December 2007* March 2008–May 2009
1600 700

1400
Air Land Sea 600 Others
Business
500 T ourism
1200

1000 400
000' persons
000 persons

800 300

600 200

400 100

200 0
Jul-08

Sep-08
Mar-08

May-08

Nov-08

Jan-09

Mar-09

May-09

0
Aug-07
Feb-07

Jun-07
Dec-06

Apr-07

Dec-07
Oct-06

Oct-07

Source: General Statistics Office of Vietnam

Source: Tourism Authority of Thailand Data was estimated by the statistics office
*Data is available to December 2007

CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 9

 Cambodia Economic Flash Report –July 2009
skmµPaBesdækic© nig sßanPaBGRtaGtiprNaénbNþaRbeTsCaédKUrbs;km<úCa
Economic Activity and Inflation Rates of Selected Economic Partners of Cambodia
Y-on-Y Growth of Main Product Exports: Japan Goods Exports: US, Euro Zone & Japan
October 2008–May 2009 April 2008–April 2009

30% 17.3%
250
20%
1.8%
10% 3% US Euro zone Japan
0% 200
-10%
-20% -8.5%
-15%

-16.0%
150

USD bn
-30% -23%

-32.7%
-40%

-33.4%
-33.7%
-34%

-37%
-37.5%
-38%
-40%
100

-41%
-50%
-60%
Oct-08 Dec-08 Feb-09 Apr-09 50

Manufactured goods Machinery 0

Apr-08

Aug-08

Feb-09

Apr-09
Jun-08

Oct-08

Dec-08
Electricial machinery Transport equipment
Total

Source: Japanese Trade and Investment Statistics

Sources: BEA, Eurostat and OECD
External Trade: Malaysia Inflation Rates: US, Euro Zone & Japan
May 2008–May 2009 (price change from a year earlier)
6%
25 USA
5% Euro zone
Exports Japan
4%
20 Imports
Trade balance 3%

15 2%
USD bn

1%
10 0%
-1%
5
-2%
May-08

Jul-08

Sep-08

Jan-09

Mar-09
Nov-08

May-09
0
Jul-08

Jan-09

Mar-09
May-08

Sep-08

Nov-08

May-09

Note: The latest data available are for May 2009

Source: Department of Statistics, Malaysia Sources: IMF and The Economist (05 July 2009)
Inflation Rate: China, Hong Kong & South Korea Inflation Rate: Selected ASEAN Countries
(price change from a year earlier) (price change from a year earlier)
9% 10%
8% China 9% Malaysia
H ong K ong 8% Singapore
7% 7% Thailand
South Korea
6% 6%
5%
5%
4%
4% 3%
3% 2%
1%
2%
0%
1% -1%
0% -2%
-3%
-1% -4%
-2%
Jul-08

Jan-09
May-08

Sep-08

Nov-08

Mar-09

May-09
May-08

Jan-09
Jul-08

Sep-08

Nov-08

May-09
Mar-09

Note: The latest data available are for May 2009 Note: The latest data available are for May 2009
Sources: IMF and The Economist (05 July 2009) Sources: IMF and The Economist (05 July 2009)

CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 10

 Cambodia Economic Flash Report –July 2009
GRtabþÚrR)ak; nig sßanPaBéføTMnijelITIpSarGnþrCati
Exchange Rates and Commodity Prices in World Markets
KRW & HKD per USD EUR & JPY per USD
June 2008–June 2009 (monthly average) June 2008–June 2009 (monthly average)
7.92 1510 0.87 126

7.90 1450 0.84 EURO(left scale) 122

7.88 1390 0.81 JPY (right scale) 118
7.86 1330 0.78 114
7.84 1270 0.75 110

EUR

JPY
HKD

KRW
7.82 1210
HKD (left scale)
0.72 106
7.80 KRW (right scale) 1150
0.69 102
7.78 1090
0.66 98
7.76 1030
7.74 970
0.63 94

7.72 910 0.60 90

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09
Aug-08

Feb-09
Dec-08

Apr-09
Jun-08

Oct-08

Jun-09

Source: Federal Reserve Bank of New York Source: Federal Reserve Bank of New York

THB & SGD Per USD Rice: International Prices Index & Export Prices
June 2008–June 2009 (monthly average) May 2008–May2009
42 1.56 1050 450
THB (left scale)
40 1.53 950 400
SGD (right scale)
850 350
38 1.50
750 300
USD / tonne FOB

36 1.47 650 250

THB

SGD

IPO
550 200
34 1.44
450 150
32 1.41 USA 2/4
350 100
Thai 100% B
30 1.38 250 IPO 50
150 0
28 1.35
Sep-08
May-08

Nov-08

Jan-09

Mar-09

May-09
Jul-08
Jun-08

Dec-08
Aug-08

Oct-08

Feb-09

Jun-09
Apr-09

Source: Federal Reserve Bank of New York Sources: Osiriz/InfoArroz and InterRice.
Prices: Soybeans, Maize & Palm Oil Prices: Crude Oil, Gasoline & Diesel
May 2008–May 2009 June 2008–June 2009
600 2400 150 150
140 140
Crude oil: OPEC spot -
130 USD/barrel
130
500 2000
120 Gasoline: US Gulf Coast - US 120
110 cents/litre (right scale) 110
Diesel: low sulphur No.2 - US
400 1600 100 100
USD / tonne FOB

cents/litre (right scale)

90 90
US Cent

80 80
USD

300 1200
70 70
60 60
200 800 50 50
40 40
30 30
100 S o y b e a n s : U S N o .1 , Y e llo w ( le f t s c a le ) 400
M a iz e : U S N o .2 , Y e ll o w ( le f t s c a le ) 20 20
Feb-09
Dec-08
Aug-08

Apr-09
Jun-08

Oct-08

Jun-09

P a lm O il: c r u d e ( r ig h t s c a le )
0 0
Jul-08

Sep-08

Nov-08

Jan-09

Mar-09
May-08

May-09

Source: Food and Agriculture Organisation Source: US Energy Information Administration

CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 11


B½t’manesdækic©
Economic News
B½t’manesdækic©sMxan;²
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RbCaCatiGasIuGaeKñy_ kMBugEtQandl;karGnum½trbb)a:tg;rYmKñaEtmYy
dUcenAshPaBGWur:ub CamYynwgkarpSBVpSayKMnitpþÜcepþIm edIm,ICMruj
eGaydMeNIrkarRtYtBinitükarGnuvtþ):atg;enAkñúgtMbn; manPaBcuHsRmug
Kña . elak Adrian Cristobal Jr. GKÁnaykkariyal½ykmµsiT§bBaØa
énRbeTshVIlIBIn (IP Philis.) )anbBa¢ak;tamry³Epñkkic©shRbtibtþikar
RtYtBinitü):atg;Gas‘an (Aspec) fa GñkbegáItfµI nigshRKinnana
Edl)andak;BaküsMu):atg;enARbeTshVIlIBIn GaceRbIlT§plRtYtBinitüBI
kariyal½yrbs;elakenATIenH edIm,Idak;BaküsMu):atg;enARbeTssmaCik
ÉeTot² . elakbnþeTotfa RbB½n§enHGacCYysnSMeBlevla nigFnFan
sMrab;;GñkbegáItfµI kñúgkaresñIsMu):atg;rbs;BYkeK . elak Crisobal
)anbEnßmfa karRtYtBinitürbs; Aspec GnuvtþEtelIkaresñIsMu):atg;
EdlRKan;EtCamYyPaKéndMeNIrkarb:ueNÑaH b:uEnþvaCakarcUlrYmcMENk
d¾FMmYy kñúgkmµviFIshKmn_esdækic©Gas‘an EdleRKagnwgcab;epþImGnuvtþ
enAqñaM2015 . elak Cristobal bc©úb,nñCa RbFanKN³kmµaFikar
sMrbsMrYlkic©karGas‘ansMrab;eKalneya)aykmµsiT§ibBaØa nigkic©sh
Rbtibtþikar )anR)ab;GñkykB½t’manfa {enHCakarcab;epþImd¾l¥mYyedIm,I
xwtxMbegáItkic©RBmeRBogkñúgtMbn; EdlnwgCYysMrYldl; GñkécñRbDitfµI
GñkviTüasaRsþ nigshRKinTaMgGs; kñúgkarTTYl)an):atg; . RbB½n§enH
nwgkat;bnßyéføeFVIGaCIvkmµ ehIyeyIgsgÇwmfa vanwgTak;TajvinieyaKin
breTsmkvinieyaKkñúgtMbn;enH }. elak )anbnþfa kñúgeBlbc©úb,nñ
rbbeRbI):atg;kñúgtMbn; enAEtmanlkçN³tamRbeTs eBalKW Gñkcg;)an
):atg;enAkñúgRbeTsGas‘anNamYy RtUvdak;BaküsMueTAsmtßkic©kñúg
RbeTsenaH . elak Cristobal )anbBa©ak;fa Aspec CaCMhanmYy
kñúgkarksagTMnukcitþelIPaBs¥ats¥Mrbs; mRnþIxagkmµsiT§ibBaØakñúgtMbn;
kñúgkarRtYtBinitüBaküsMu):atg; . CamYyKñaenHEdr elak Cristobal
)aneGaydwgfa yuT§nakarRbqaMgkarlYccMlgxusc,ab; )annaM[mankar
rwbGUsTMnijEkøgbnøMd¾RcInelIslb; EdlmantMélCag 3/3Ban;lan
R)ak;eb:sU cab;BIExmkra dl;mifuna 2009 . elak Cristobal elIkfa
yuT§nakarRbqaMgkarlYccMlgxusc,ab; nwgjúaMg[karrwbGUsGIv:an;EkøgbnøM
kñúgqñaM2009enH mantMélsrubelIsBI 3/5Ban;laneb:sU EdlCatMél
énkarrwbGUs\v:an;EkøgbnøMsrub ¬rYmbBa©ÚlTaMgm:asuIncMlgbIeRKOg
EdlmantMél):an;sµansrubdl; 200laneb:sU¦ sMerc)an kñúgGMLúgeBl
eBjmYyqñaM2008 .
CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 12
Cambodia Economic Flash Report –July 2009
Economic News Highlights:
ASEAN moving closer to single-patenting system:
The Association of Southeast Asian Nations is
moving closer to a single-patenting regime just like
in the European Union with the launch of initiatives
to harmonize the examination process for patent
applications in the region. Adrian Cristobal Jr.,
Director-General of the Intellectual Property Office
of the Philippines (IP Phils.), said through the Asean
Patent Examination Cooperation (Aspec), innovators
and entrepreneurs who applied for patents in the
Philippines can use the result of his examination
reports here in applying for patents in other member-
countries. He said this would save the innovators
time and resources for their patent applications.
Cristobal said while Aspec only covers examination
of the patent application, which is just one part of the
process, it will be a big contribution to the Asean
Economic Community program that is slated to start
in 2015. “It’s a good start to try to set up a regional
arrangement that will make it easier for inventors,
scientist and entrepreneurs to obtain patents. It cuts
the cost of doing business, and hopefully, also, this
will attract foreign investment into the region,”
Cristobal, currently the chair of the Asean
Coordinating Committee on Intellectual Property
Policy and Cooperation, told reporters. He said the
patent regime in the region will still be territorial for
now, which means those who want to seek patents in
any Asean member-country will have to apply in
each jurisdiction. Still, Cristobal said the Aspec will
be a step to building confidence on the integrity of IP
officers in the region to examine patent applications.
Meanwhile, Cristobal reported that the campaign
against piracy has led to the confiscation of over 3.3
billion peso worth of counterfeit items from January
to June this year. This, Cristobal said, means that the
haul for the anti-piracy campaign this year will
surely exceed the 3.5 billion peso worth of
confiscated items in the whole of 2008. Included in
the confiscated items are three replicating machines
with a total estimated value of 200 million peso.
Links to other economic news:
1. “Can ASEAN boost domestic-demand-led growth”
(http://www.1888pressrelease.com/sixth-asean-
leadership-forum-asean-urged-to-boost-domestic-pr-
128250.html)
2. “China-ASEAN investment deal to be sealed soon”
(http://meltwaternews.com/prerobot/sph.asp?pub=ST&sp
hurl=www.straitstimes.com//Asia/China/Story/STIStory_
395975.html)
3. “Impending ASEAN-India FTA to be sealed in
August” (http://www.mediabuzz.com.sg/asian-
channels/june-2009/489-impending-asean-india-fta-to-be-
sealed-in-august-2009)
 Cambodia Economic Flash Report –July 2009

CDRI-Cambodia’s Leading Independent Development Policy Research Institute – Page 13