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

kBaØa 2009 ¼ September 2009

saMg c½nÞhgS ¼ Saing Chan Hang

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

bkERbeday³ yU siT§IriT§ nig v:a vNѳ

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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Cambodia Economic Flash Report –September 2009
Highlights
This report highlights some of the key economic
indicators for Cambodia and its main trading
partners.
Fixed asset investment approvals for the service
sector declined to nil in the second quarter of 2009.
This was the second quarter in which no project
approval was sought, the other being the fourth
quarter of 2004.
In July, total visitor arrivals to Cambodia rose 16
percent, after falls in the previous three consecutive
months. Holiday arrivals increased by 21 percent
and business arrivals by 5.4 percent, but were offset
by a fall of 72 percent in other arrivals.
Phnom Penh construction approvals plummeted by
66 percent from the previous month, to USD9.3 m
in May. Flat construction fell by 76 percent to
USD2.5 m, while villa and house construction
increased from USD1.3 m to USD2.9 m.
In June, liquidity rose by 9.1 percent from the same
month last year. Net foreign assets increased 11
percent and private sector credit 10 percent.
Government deposits were up by 7.1 percent and
other liabilities 16 percent. In June, the 12-month
interest rate on riel loans remained unchanged at
21.92 percent, while the rate on dollar loans rose to
17.22 percent from 15.97 percent in the previous
month.
In August, the riel traded higher against the US
dollar, at 4150.3, an appreciation of 0.8 percent
compared with the preceding month. Against the
Thai baht, the riel was up 0.4 percent, trading at
KHR122.4/baht, and against the Vietnamese dong,
it rose 0.7 percent, to KHR23.4 per 100 dong.
Cambodia’s total exports decreased sharply in June,
by 87 percent from the previous month, falling to
USD29.1 m. The decline was due mainly to a drop
of 94 percent in garment exports. Fish exports
decreased by 2.9 percent, while rubber rose 65
percent. Imports of cement shrank by 27 percent, of
steel 1.4 percent and of petroleum products 2.3
percent, while cigarette imports doubled.
The current budget deficit worsened from KHR20.5
bn in the previous month to KHR144.4 bn in July.
This stemmed from a fall of 7.3 percent in domestic
tax collection and of 2.6 percent in import and
export tax revenue, partially offset by a rise of 1.3
percent in non-tax revenue. Current spending rose
by 23 percent. Spending on social subsidies was up
Cambodia Development Resource Institute – Page 2

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Cambodia Economic Flash Report –September 2009
by 60 percent, while spending on wages fell by 11
percent.
In July, overall prices declined by 3.9 percent year
on year, less than the decline of 4.9 percent in the
previous month. The price of food and non-
alcoholic beverages fell by 3.3 percent, of housing
and utilities 10.7 percent, of transport 17.4 percent,
of communications 10.7 percent and of recreation
and culture 1.3 percent. However, the price of
clothing and footwear was up 4.5 percent,
household operations 5.3 percent, health care 8.0
percent and education 13.8 percent.
Diesel fuel rose by 19 percent from the preceding
month, selling at KHR3913.0/ℓ in August. Gasoline
declined by 9.3 percent, to KHR3405.3/ℓ. The rice
price rose in Kompong Speu (16 percent), while it
was down in Kampot (7.7 percent) and Svay Rieng
(3.7 percent). The price of fish rose in Battambang
(4.0 percent), Kompong Cham (5.1 percent) and
Svay Rieng (8.3 percent), but fell in Kompong Speu
(8.3 percent) and Kampot (6.3 percent). The price of
pork was down in Kampot (5.6 percent), but up in
Kompong Speu (3.1 percent).
In July, the export prices of rice and rubber in Thai
markets rose slightly, while maize was down. Rice
rose by 7.6 percent and rubber by 0.3 percent, but
the price of maize decreased by 18 percent,
compared to the previous month. This trend was
reversed for rice in Vietnamese markets, where rice
sold for USD411.0/tonne, a fall of 7.8 percent from
the previous month. However, the price of rubber
climbed 2.2 percent and of cashews 2.4 percent.
In July, inflation was down in all selected countries
except in Singapore. The rate decreased to -2.1
percent in the USA, -2.2 percent in Japan -0.6
percent in Euro zone, -1.8 percent in China, -1.5 in
Hong Kong, 1.6 in S. Korea (1.6 percent), -2.4 in
Malaysia -4.4 percent in Thailand, while inflation
remained unchanged in Singapore (-0.5).
In August, the Korean won appreciated by 1.8
percent against the US dollar, the euro by 1.3
percent, the Singapore dollar by 0.5 percent and the
Thai baht by 0.1 percent. However, the Japanese
yen and Hong Kong dollar were lower against the
US dollar; the yen depreciating by 0.4 percent and
the Hong Kong dollar by 0.01 percent, compared
with the preceding month.
In August crude oil sold at US cents 71.9/ℓ, an
increase of 10 percent from the previous month.
Gasoline was US cents 49.9/ℓ, a rise of 11 percent;
and diesel was US cents 49.6/ℓ, a rise of 13 percent.
Cambodia Development Resource Institute – Page 3
 Cambodia Economic Flash Report –September 2009
skmµPaBesdækic©sMxan;² nig éføTMnijenAkm<úCa
Main Economic Activities and Consumer Prices in Cambodia
Fixed Asset Investment Approvals: Foreign Visitor Arrivals
Services May 2008–July 2009
2006 Q4 – 2009 Q2 250
Other
4500
Business
4000 200
Holiday
3500 3

000 persons
3 10 11
3000 150
2500 13
USD m

10
2000 100
1500
1000 129 121
50 146
500
0
06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2
0
Hotels 0.0 0.0 0.0 2.9 0.0 0.0 0.0 0.0 323.8 0.0 0.0

Jul 08

Sep 08

Jul 09
May 08

Nov 08

Jan 09

Mar 09

May 09
Tour is m 315.3 140.3 55.0 650.9 199.2 93.7 4015.0 3481.3 844.3 254.1 0.0

Other s 425.4 195.4 83.0 304.0 111.9 54.5 49.9 969.3 171.4 241.5 0.0

Including expansion projects. Source: Ministry of Tourism

Source: Council for the Development of Cambodia
Phnom Penh: Value of Construction Approvals Phnom Penh: Inflation
March 2008–May 2009 (October–December 2006=100)
Year-on-Year Percentage Changes for July 2009
300
Other 20
250 Flats 15
Villas &ho us es
10
200 4.5 5.3
5
USD m

150 -3.3 -10.7

0 - 17 . 4

8.0 13.8
-5 -1.3
100 -3.9
-10
50 -15 -10.7

0 -20
Jul 08

Sep 08
Mar 08

May 08

Nov 08

Jan 09

Mar 09

May 09

All items Food & non-alcoholic beverages

Clothing and footware Housing and utilities
HH furnishings and operations Health
T ransport Communications
Recreation and culture Education

Source: Economic & Monetary Statistics, NBC Source: National Institute of Statistics

Phnom Penh: Gasoline & Diesel Prices Interest Rates on 12-Month Bank Loans
June 2008–August 2009 (Percent)
7000 April 2008–June 2009
25
6000
21.92

20
22.46

5000
3913

4000 15
Riels/ℓ

3000
15.97
3405

10
Diesel
15.86

2000 Riel loan rate

17.22

Gasoline
21.92

5 Dollar loan rate

1000

0 0
Aug 08

Aug 09

Aug 08
Jun 08

Feb 09

Jun 09

Jun 08

Feb 09

Jun 09
Dec 08

Apr 09

Apr 08

Dec 08

Apr 09
Oct 08

Oct 08

Source: CDRI Source: Economic & Monetary Statistics, NBC

Cambodia Development Resource Institute – Page 4

 Cambodia Economic Flash Report –September 2009
sßanPaBGRtabþÚrR)ak; nig CMnYyGPivDÆn_BIeRkARbeTs
Exchange Rates and External Development Assistance
Riels per US Dollar Riels per THB & VND
June 2008–August 2009 June 2008–August 2009

4165 4182

123.0
4200 124 29

122.4
4150
123 28

122
4150

4108
122 27

KHR per VDN100

4134
121 26

KHR per Baht

4100 4091 120 25

24.8
4050 119 24
118 23

23.6
23.4
4000 Market rate 117 T hai baht (left) 22
116 Vietnamese dong (right) 21
Official rate
3950 115 20
114 19

Aug 08

Aug 09
3900

Jun 08

Feb 09

Jun 09
Dec 08

Apr 09
Oct 08
Aug 08

Aug 09
Jun 08

Feb 09

Jun 09
Dec 08

Apr 09
Oct 08

Source: National Bank of Cambodia

Source: National Bank of Cambodia

Monetary Survey (Percent change) Domestic Credit (Percent change)

April 2008–June 2009 April 2008–June 2009
200 180 120
160 110
150 140 100
100 120 90
100 80
50 80 70
0 60 60
40 50
-50 20 40
-100 0 30
-20 20
Aug 08
Jun 08

Feb 09

Jun 09
Apr 08

Dec 08

Apr 09
Oct 08

-40 10
Aug 08
Jun 08

Feb 09

Jun 09
Apr 08

Dec 08

Apr 09
Oct 08

Annualised growth rate (M2)

Annualised growth rate (M1) Annua lis e d c ha nge in do m e s tic c re dit (le ft)
Growth over the previous 12 months (M2) Annua lis e d c ha nge in priva te s e c to r c re dit (le ft)
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:

April 2008–June 2009 Information and Communications
14000 2000–2007
12000
10000 35
8000
6000 30
KHR bn

4000
2000 25
0
-2000 20
USD m

-4000
-6000 15
Aug 08
Jun 08

Feb 09

Jun 09
Apr 08

Dec 08

Apr 09
Oct 08

10

5
Liquidity Net Foreign Assets
Private Sector Credit Government Deposits 0
Other 2000 2001 2002 2003 2004 2005 2006 2007

Source: Cambodia Aid Effectiveness Report 2007, CDC

Source: National Bank of Cambodia

Cambodia Development Resource Institute – Page 5

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

22.5 16.5 250 5

USD m

USD m
80
200 4
11.8
KHR bn

18.2 150 3
60
100 2
16.8
40 65.9 50 1

54.8 Cigarettes Cement Steel 16.1 0 0

Aug 08
Jun 08

Feb 09

Jun 09
Apr 08

Dec 08

Apr 09
Oct 08
20
21.9
0
T otal exports (left) Garments (left)
Aug 08
Jun 08

Feb 09

Jun 09
Apr 08

Dec 08

Apr 09
Oct 08

Rubber (right) Fish (right)

Source: Economic & Monetary Statistics, NBC Source: Economic & Monetary Statistics, NBC

Imports: Petroleum Products Current Budget Operations

April 2008–June 2009 May 2008–July 2009
120 250
100.9
98.6

200
94.4

100
150
93
80 100
KHR bn

50
KHR bn

60 0
-50 -20
40
-100
20 -150
-144
-200
0
Jul 08

Sep 08

Jul 09
May 08

Nov 08

Jan 09

Mar 09

May 09
Aug 08
Jun 08

Feb 09

Jun 09
Apr 08

Dec 08

Apr 09
Oct 08

Source: Economic & Monetary Statistics, NBC Source: MEF Bulletin

Current Budget Revenue Current Budget Expenditure
May 2008–July 2009 May 2008–July 2009
1400
600
1200
Other services
500 Subsidies and social assistance
1000 203
54 Wages
400 89 55 800 Current expenditure 163
KHR bn
KHR bn

300 94 92 600 174

90
200 400
Non-tax 271 540
260 Import and Export taxes 200
100 251
Domes tic taxes
0
0
Jul 08

Jul 09
Sep 08
May 08

Nov 08

Jan 09

Mar 09

May 09
Jul 08

Sep 08

Jul 09
May 08

Nov 08

Jan 09

Mar 09

May 09

Source: MEF web site

Source: MEF web site

Cambodia Development Resource Institute – Page 6

 Cambodia Economic Flash Report –September 2009
éføTMnijtamextþkñúgRbeTskm<úCa
Provincial Food Prices
Cambodia: Food Prices in Siem Reap Province Cambodia: Food Prices in Battambang Province
June 2008–August 2009 June 2008–August 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
Aug 08

Apr 09

Aug 09
500 3000
Jun 08

Oct 08
Dec 08
Feb 09

Jun 09
Aug 08

Apr 09

Aug 09 Rice-Phka Knhei (left) Fresh fish (left)

Rice-Phka 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
21500 27000
June 2008–August 2009 June 2008–August 2009
18000 23000 21500 27000
14500 19000 18000 23000
Riels/kg

Riels/kg

11000 15000 14500 19000

Riels/kg
Riels/kg

7500 11000 11000 15000

4000 7000 7500 11000
500 3000 4000 7000
Jun 08

Oct 08
Dec 08
Feb 09

Jun 09
Aug 08

Apr 09

Aug 09

500 3000
Jun 08

Oct 08
Dec 08
Feb 09

Jun 09
Aug 08

Apr 09

Aug 09
Rice-Phka Knhei(left) Fresh fish (left)
1st quality pork (right) 1st quality beef (right)
Rice-Phka Knhei(left) Fresh fish (left)
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
June 2008–August 2009 June 2008–August 2009
21500 27000 25000 31000
18000 23000 21500 27000
18000 23000
14500 19000
Riels/kg

Riels/kg
Riels/kg

Riels/kg

14500 19000
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
Aug 08

Apr 09

Aug 09
Jun 08

Oct 08
Dec 08
Feb 09

Jun 09
Aug 08

Apr 09

Aug 09

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

Rice-Phka 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 Development Resource Institute – Page 7

 Cambodia Economic Flash Report –September 2009
éføTMnijtamextþkñúgRbeTskm<úCa³ tammuxTMnij
Provincial Goods Prices in Cambodia by Products
Cambodia: Rice Prices in Three Provinces Cambodia: Rice Prices in Three Provinces

3500
3000

3000
2500

2500
2500

2600
2600
2500

2500
2000

2200
2000

2600
2450
Riels/kg

2400

2475

Riels/kg

2700
2550

2400
2500
2550
1500

2500
2550

2550
1500
2500

2550
2500

2900
1000

2500
1000

2500
Battambang Kampot
500 Siem Reap
500 Kompong Speu
Kompong Cham Svay Rieng
0 0
May 09 Jun 09 Jul 09 Aug 09 May 09 Jun 09 Jul 09 Aug 09

Source: CDRI Source: CDRI

Cambodia: Fish Prices in Three Provinces Cambodia: Fish Prices in Three Provinces
14000 18000

12000 16000
12000

16000
14000
12750
11000

15000
10000
12000

14000
13000

12000
Riels/kg

8000

15000
14000
12250

Riels/kg
11000

10250

10000
11500

9750
10000

13000
6000

14000
12000
8000

13000

12000
11000

6000
10250

4000 Battambang
Kompong Speu
7725

2000 4000 Kampot

Kompong Cham
Siem Reap
2000
0 Svay Rieng
May 09 Jun 09 Jul 09 Aug 09 0
May 09 Jun 09 Jul 09 Aug 09

Source: CDRI Source: CDRI

Cambodia: Pork Prices in Three Provinces Cambodia: Pork Prices in Three Provinces

20000 20000

18000 18000

16000 16000
18000

18000
16000

16500

16000

16500
18000

18000
16000

14000 14000
16500

16000
16500

18000

15000

15000
15000

18000

15000
16500
14500

12000 12000
18000
Riels/kg
Riels/kg

17000

10000 10000
16500

8000
16000

8000
6000 6000
Battambang
Kampot
4000 Kompong Speu 4000
Kompong Cham Siem Reap
2000 2000 Svay Rieng

0 0
May 09 Jun 09 Jul 09 Aug 09 May 09 Jun 09 Jul 09 Aug 09

Source: CDRI
Source: CDRI

Cambodia Development Resource Institute – Page 8

 Cambodia Economic Flash Report –September 2009
tMélTMnij 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
May 2008–July 2009 May 2008–July 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

Sep 08

Jul 09
May 08

Nov 08

Jan 09

Mar 09

May 09

Jul 08

Jul 09
May 08

Sep 08
Nov 08
Jan 09
Mar 09
May 09
Rice (left)
Rubber (right) Rice (left) Rubber (right)
Maize and Maize Products (right) Cashew nuts (right)

Source: Bank of Thailand, Foreign Trade and Balance of Payments Source: General Statistics Office of Vietnam
Thailand: Exports Vietnam: Exports
May 2008–July 2009 May 2008–July 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
500 2.0 240 80

400 1.5 160 60

300 1.0 80 40
200 0.5
0 20
Jul 08

Jul 09
May 08

Sep 08

Nov 08

Jan 09

Mar 09

May 09

Jul 08

Sep 08

Jul 09
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* May 2008–July 2009
1600 700
1400 Air Land Sea Others
600
1200 Business
500
000 persons

1000 T ourism
000 persons

800 400

600 300
400 200
200
100
0
Aug 07
Feb 07

Jun 07
Dec 06

Apr 07

Dec 07
Oct 06

Oct 07

0
Jul-08

Sep-08

Jul-09
May-08

Nov-08

Jan-09

Mar-09

May-09

Source: Tourism Authority of Thailand

*Data are available to December 2007. Source: General Statistics Office of Vietnam
Data were estimated by the statistics office.

Cambodia Development Resource Institute – Page 9

 Cambodia Economic Flash Report –September 2009
skmµPaBesdækic© nig sßanPaBGRtaGtiprNaénbNþaRbeTsCaédKUrbs;km<úCa
Economic Activity and Inflation Rates of Selected Economic Partners of Cambodia
Year-on-Year Growth of Main Exports: Japan (%) Goods Exports: US, Euro Zone & Japan
October 2008–June 2009 April 2008–June 2009
30
250
20
10 200
US Euro zone Japan
0
-10 150

USD bn
-20
-30 100
-40
-50 50
-60
Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 0

Aug 08

Dec 08
Apr 08

Jun 08

Oct 08

Feb 09

Apr 09

Jun 09
Manufactured goods Machinery
Electricial machinery T ransport equipment
T otal

Source: Japanese Trade and Investment Statistics

Sources: BEA, Eurostat and OECD

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

15 2%
USD bn

1%
10
0%

-1%
5
-2%

0 -3%
Nov 08
Jul 08

Jan 09
Sep 08

May 09

Jul 09
Mar 09

Nov 08
Jul 08

Jan 09

May 09

Jul 09
Sep 08

Mar 09

Sources: IMF and The Economist (10 September 2009)

Source: Department of Statistics, Malaysia
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%
8% 9%
C hin a H on g K o ng Sou th K o rea
7% Malaysia Singapore Thailand
7%
6%
5% 5%

4%
3%
3%
1%
2%
1% -1%
0%
-3%
-1%
-2% -5%
Nov 08

May 09
Sep 08

Jan 09

Mar 09
Jul 08

Jul 09

Sep 08

Nov 08

May 09
Jul 08

Mar 09

Jul 09
Jan 09

Sources: IMF and Economist (10 September 2009) Sources: IMF and Economist (10 September 2009)

Cambodia Development Resource Institute – Page 10

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

7.92 1510 0.84 EURO(left scale) 122

7.90 1450 JPY (right scale)
0.81 118
7.88 1390
7.86 1330 0.78 114

7.84 1270 0.75 110

KRW
HKD

EUR

JPY
7.82 HKD (left s cale) 1210
0.72 106
7.80 1150
KRW (rig ht s cale)
7.78 1090 0.69 102
7.76 1030
0.66 98
7.74 970
7.72 910 0.63 94
Aug 08

Aug 09
Feb 09

Jun 09
Dec 08

Apr 09
Oct 08

0.60 90

May 09
Jul 08

Sep 08

Nov 08

Jan 09

Mar 09

Jul 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
August 2008–August 2009 (monthly average) July 2008–July 2009
42 1 .5 6 850 350

40 1 .5 3 750 300

38 1 .5 0 650 250
USD / tonne FOB

550 200
36 1 .4 7

IPO
THB

SGD

450 150
34 1 .4 4
350 100
32 1 .4 1 U S A 2 /4
T hai 100% B
T H B ( le ft sc a le ) 250 IP O
50
30 S G D ( r ig h t sc a le )
1 .3 8
150 0
28 1 .3 5
Nov 08

May 09
Jan 09
Jul 08

Jul 09
Sep 08

Mar 09
Aug 08

Aug 09
Feb 09

Apr 09
Oct 08

Dec 08

Jun 09

Sources: Osiriz/InfoArroz and InterRice

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

cents/litre (right scale)

90 90
US Cent

80 80
USD

300 1200
70 70
200 800
60 60
50 50
40 40
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 llo w ( le f t s c a le ) 30 30
P a lm O il: c r u d e ( r ig h t s c a le ) 20 20
0 0
Jan 09

Jun 09
Aug 08

Nov 08

Feb 09

Apr 09

Aug 09
Sep 08
Oct 08

Dec 08

May 09
Mar 09

Jul 09
Aug 08

Dec 08
Jun 08

Oct 08

Feb 09

Apr 09

Jun 09

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

Cambodia Development Resource Institute – Page 11


B½t’manesdækic©
Economic News
B½t’manesdækic©sMxan;² ³
km<úCaman»kasedIm,IeFVIeGaybriyakasGaCIvkmµkan;EtRbesIreLIg³
FnaKarBiPBelak³ eyagtamRBwtþibtþiB½t’manrbs;kariyal½yFnaKar
BiPBelak ecjpSaykalBIéf¶BuF TI9 ExkBaØa cMNat;fñak;sakl
rbs;RbeTskm<úCa kñúgkarsMrYldl;kareFVIGaCIvkmµ mankMritTabenAeLIy
kñúgqñaM2008-09 xN³eBlEdl esdækic©bNþaRbeTsPaKeRcInkñúgtMbn;
GasIuxaglic nig)a:sIuhVik )anBRgwgbTbBaØtþiBaNiC¢kmµ edIm,IBRgIk»kas
sMrab;Rkumh‘unkñúgRsuk . FnaKarBiPBelak )an[dwgfa {km<úCasßitenAkñúg
cMNat;fñak;elx 145 kñúgcMeNamRbeTs 183 elIkarsMrYldl;kareFVI
GaCIvkmµ RsbeBlEdlvibtþiesdækic©sakl )aneFVI[RbeTsCaeRcInbegáIn
kareFVIkMENTMrg; nigEklMGcMNat;fñak;rbs;BYkeK)anl¥Cag ebIeFobnwg
RbeTskm<úCa . FnaKarBiPBelak nigsaCIvkmµhirBaØvtßúGnþrCati (IFC)
EdlCasmaCikrbs;RkumFnaKarBiPBelak EdlepþatkarykcitþTukdak;elI
karGPivDÆn_vis½yÉkCn kMBugEteFVIkarCamYyrdæaPi)al edIm,IeFVI[briyakas
GaCIvkmµkat;EtRbesIreLIg} . eyageTAtam Doing Business 2010:
Reforming through Difficult Times EdlCar)aykarN_TI7 kñúgcMenam
r)aykarN_RbcaMqñaMEdlecjpSayeday IFC nigFnaKarBiPBelak )an[
dwgfa enArvagExmifuna qñaM2008 nigEx]sPa qñaM2009 km<úCa sßitkñúg
kMNt;Rtaelx 131 kñúgcMeNamRbeTsTaMg 183 TUTaMgsaklelak
Edl)aneFVIkMENTMrg;bTbBaØtþiGaCIvkmµ . elak Qimiao Fan nayk
RbtibtþiFnaKarBiPBelakRbcaMRbeTskm<úCa )anmanRbsasn_fa {karvay
tMélbriyakasvinieyaKTI2 e)aHBum<pSaykñúgqñaM2009 edayFnaKarBiPB
elak nig IFC )anbgðajBIGaTiPaBCaeRcIn EdlRtUvkarcaM)ac; edIm,IeFVI[
briyakasGaCIvkmµkan;EtRbesIreLIg edayCYYyrkSavinieyaKinmanRsab; nig
Tak;TajvinieyaKinfµI} . elak Julia Brickell GñktMNagrbs; IFC enA
km<Cú a )ankt;sKM al;eXIjfa RbeTskm<úCakMBugRbwgERbgeFVI[TidæPaB
briyakasGaCIvkmµ kan;Etl¥RbesIreLIg ehIyktþaenH nwgCYy[RbeTs
km<úCa enAkñúgTItaMgd¾RtwmRtUv edIm,ITTYl)anGtßRbeyaCn_BIkarerIbeLIgvij
énesdækic©sakl nigCYydl;Rkumh‘untUc²enAkñúgRbeTs edIm,IGPivDÆ nig
begáItkargar . eyagtamelak Brickell )an[dwgfa IFC eRkamkar]btßmÖ
BIshKmn_GWr:ub kMBugCYyeRCamERCgrdæaPi)al edIm,IEklMGynþkardMeNaH
RsayCMelaHBaNiC¢kmµ tamry³karbegáItRkumRbwkSaGaCJakNþalCati
EdlCaCMerIscMNayfvikatic nigeBlxøICagkaredaHRsayenAkñúgtulakar .
elak )anmanRbsasn_eTotfa {karedaHRsayTMnas;xagBaNiC¢kmµRbkb
edayRbsiT§iPaB KWmansar³sMxan;Nas;kñúgkarCMruj[Rkumh‘unRbkbGaCIvkmµ
Gnuvtþtamkic©snüa edaycMNayfvikatic nigeBlevlaxøICag karedaHRsay
nanakñúgeBlbc©úb,nñ}.
Cambodia Economic Flash Report –September 2009
Economic News Highlights:
Cambodia has room to improve business climate: World
Bank: Cambodia’s global ranking on the ease of doing
business remained low in 2008–09, while most economies
in east Asia and the Pacific strengthened business
regulations to increase opportunities for local firms, a
press release from the World Bank office said on
Wednesday, September 9. “Cambodia was ranked No.
145 out of 183 countries on the ease of doing business as
the global economic crisis prompted many countries to
accelerate reforms, improving their ranking relative to
Cambodia”, the World Bank said. “The World Bank and
IFC [International Finance Corporation], the member of
the World Bank Group focused on private sector
development, are working with the government on
improving the business climate.” Between June 2008 and
May 2009, a record 131 of 183 economies around the
globe reformed business regulations, according to Doing
Business 2010: Reforming through Difficult Times, the
seventh in a series of annual reports published by IFC and
the World Bank. “The second Investment Climate
Assessment, published in 2009 by the World Bank and
IFC, identifies priorities to significantly improve the
business environment by helping retain existing investors
and attracting new ones”, said Qimiao Fan, country
manager for the World Bank in Cambodia. “This would
position Cambodia well to benefit from a recovery in the
global economy, and also help its small firms to develop
and create jobs.” IFC’s resident representative in
Cambodia, Julia Brickell, noted that Cambodia is making
efforts to improve some aspects of the business
environment. According to Brickell, IFC, with support
from the European Commission and other donors, is
assisting the government to improve commercial dispute
resolution mechanisms through the establishment of the
National Arbitration Centre, which will be a quicker and
cheaper alternative to the courts. “Effective commercial
arbitration is crucial in helping businesses enforce
contracts in ways that are less costly and time consuming
than is currently the case”, Brickell said. (Source:
iStockAnalyst )
Links to other economic news:
1. “ASEAN economies have emerged from recession”
(http://www.bernama.com.my/bernama/v3/news_lite.php?id=43
5484)
2. “Five ASEAN nations may form rice-trade body ”
(http://www.bloomberg.com/apps/news?pid=20601080&sid=a6
psRN0L88_w)
3. “Washington to ink SE Asia pact with eye on China”
(http://www.google.com/hostednews/afp/article/ALeqM5hfNJz
GrNuLAjVpPuiefrkvIWUlEA)
Cambodia Development Resource Institute – Page 12
Cambodia Economic Flash Report –September 2009

Cambodia Development Resource Institute – Page 13