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---::
CDRI—Cambodia’s Leading Independent
Development Policy Research Institute


:-:e-::¬--u-:uc-«--::
Flash Report on the Cambodian Economy

: uooe December 2009

u:- «---· Saing Chan Hang
·u --::- Sry Bopharath
-- c:¬: Pon Dorina


·:·..··. e ua:a -- e: e¬·



PñM eBj km< ú Ca
Phnom Penh, Cambodia




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ISSN 1810-6358
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 2
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Highlights
This report describes some of the key economic indicators for
Cambodia and its main trading partners.
In the third quarter of 2009, total fixed asset investment
approvals for services sector decreased from USD4450.5 m in
the same quarter last year to USD171.32 m. Approvals for
hotels rose from nil to USD17.2 m, while tourism approvals
fell 96 percent to USD133 m. Other service approvals
decreased from USD969.3 m to USD21.1 m.

In October, total foreign visitor arrivals to Cambodia rose by
2.8 percent compared with the preceding month, reaching
152,497. Holiday visitors rose by 4.5 percent to 139,146,
while business arrivals decreased by 14 percent to 10,254 and
other arrivals dropped by 0.7 percent to 3097.

In October, the year-on-year consumer price index decreased
by 1.6 percent. This was due to a fall in the prices of food and
non-alcoholic beverages 1.5 percent, housing utilities 8.3
percent, transportation 7.0 percent, communications 8.0
percent, and recreation and culture 0.3. In the same month, the
price of clothing and footwear was up by 4.6 percent, of
household furnishings and operations 5.2 percent, healthcare
6.2 percent and education 12.4 percent

In November, the value of the riel was up against the US
dollar, while stable against the Thai baht and Vietnamese
dong, compared with the previous month. The riel traded at
KHR 4155/USD, KHR 126/ baht, and KHR 23 per 100 dong.
In September, the 12-month interest rate on riel bank loans
was 0.3 percent higher than in the preceding month and on
dollar loans was up by 0.7 percent. During the same period,
net foreign assets rose by 4.0 percent and private sector credit
by 1.0 percent and liquidity by 3.4 percent, while government
deposits fell by 5.5 percent. Additionally, total liquidity (M2)
increased by an annualised rate of 70 percent, and money
(M1) by 25 percent. The growth of M2 over the previous 12
months was 46 percent.

In November, gasoline and diesel fuel prices increased by 1.0
and 1.1 percent, respectively from the preceding month.
Gasoline sold for KHR3940/ℓ and diesel at KHR3390/ℓ. The
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 3
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price of rice in Battambang rose 2.0 percent to KHR2600/kg,
while in Kampot it fell 13 percent. The rice price was stable in
Kompong Speu at KHR2500/kg, Kompong Cham at
KHR2600/kg, Siem Reap at KHR2500/kg and Svay Rieng at
KHR2600/kg. The fish price shrank by 17 percent in both
Battambang and Siem Reap, by 21 percent in Kompong Speu,
by 3.3 percent in Kampot and by 23 percent in Svay Rieng.
The price of pork dropped by 6.3 percent in Kompong Speu
and 2.8 percent in Kampot, while it increased by 3.2 percent
in Battambang. The pork price was constant in Kompong
Cham, Siem Reap and Svay Rieng

In October, the price of rice in the Thai market rose by 3.5
percent from USD593/tonne to USD614/tonne, while rubber
was unchanged from the previous month and maize and maize
products price decreased by 0.2 percent to USD187/tonne. In
the Vietnamese market, rice rose by 7.4 percent to
USD397/tonne, rubber by 8.7 percent to USD1842 and
cashew nuts by 3.5 percent to USD5250.

In October, international arrivals to Vietnam fell by 25
percent compared with September. The decrease was due to a
fall in tourist (25 percent), business (21 percent) and other (33
percent) arrivals.

In October, the year-on-year inflation rates in Japan and the
USA were -0.2 percent and in the Euro zone -0.1 percent,
while in Hong Kong it was 2.2 percent, in South Korea 2.0
percent and in China -0.5 percent. Inflation in Malaysia was -
1.6 percent, in Singapore -0.8 percent and in Thailand 0.4
percent.
In November, the value of Korean won depreciated by 0.9
percent from the preceding month against the US dollar, while
the Hong Kong dollar remained stable at HKD7.75/USD. The
value of Japanese yen depreciated by 1.3 percent against the
US dollar, the Euro by 0.7 percent, the Singapore dollar by 0.7
percent and the Thai baht by 0.4 percent.
During the same month, the price of soybeans on the world
market moved higher from the previous month by 2.5 percent
to USD393.6/tonne, maize by 3.8 percent to USD172/tonne
and rubber by 8.2 percent to USD2496/tonne.
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 4
--e-:-:-c-e-.::- :÷ :c-:¬:::-ec:
Main Economic Activities and Consumer Prices in Cambodia
Services Sector Approvals by CDC
2007 Q1–2009 Q3
0
500
1000
1500
2000
2500
3000
3500
4000
4500
U
S
D

m
Hotels 0.0 0.0 2.9 0.0 0.0 0.0 0.0 323.8 0.0 0.0 17.2
Tourism 140.3 55.0 650.9 199.2 93.7 4015.0 3481.3 844.3 254.1 0.0 133.02
Others 195.4 83.0 304.0 111.9 54.5 49.9 969.3 171.4 241.5 0.0 21.097
07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3

Including expansion projects.
Source: Council for the Development of Cambodia
Foreign Visitor Arrivals
August 2008–October 2009

139
133
129
10 12
14
3
3
14
0
50
100
150
200
250
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
O
c
t

0
9
0
0
0
'

p
e
r
s
o
n
s
Other
Business
Holiday

Source: Ministry of Tourism
Phnom Penh: Value of Construction Approvals
June 2008–August 2009















Source: Municipality of Phnom Penh
Phnom Penh: Inflation
Year-on-Year Percentage Changes
for October 2009


















Source: National Institute of Statistics
Phnom Penh: Gasoline & Diesel Prices
September 2008–November 2009
3
3
9
0
3
9
4
0
0
1000
2000
3000
4000
5000
6000
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
N
o
v

0
9
R
i
e
l
s
/

Diesel
Gasoline
Source: CDRI
Interest Rates on 12-Month Bank Loans (%)
June 2008–September 2009
22.45
23.08
23.02
15.86
16.45
16.33
0
5
10
15
20
25
J
u
l

0
8
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
Riel loan rate
Dollar loan rate
Source: Economic & Monetary Statistics, NBC
0
50
100
150
200
250
300
J
u
n

0
8
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
U
S
D

m
Other
Flats
Villas &houses
-1.6
-1.5
4.6
-8.3
5.2
6.2
-7
-8
-0.3
12.4
-10
-5
0
5
10
15
All items Fo o d &no n-alco ho lic beverages
Clo thing and fo o tware Ho us ing and utilities
HH furnis hings and o peratio ns Health
Trans po rt Co mmunicatio ns
Recreatio n and culture Educatio n
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 5
-::-:-×·-:e.·.:- :÷ c:e×-eu·:-:·-:·e:--
Exchange Rates and External Development Assistance
Riels per US Dollar
September 2008–November 2009















Source: National Bank of Cambodia
Riels per THB & VND
September 2008–November 2009
















Source: National Bank of Cambodia
Monetary Survey (%)
July 2008–September 2009
-100
-50
0
50
100
150
200
J
u
l

0
8
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
Annualised growt h rat e (M2)
Annualised growt h rat e (M1)
Growt h over t he previous 12 mont hs (M2)


Source: National Bank of Cambodia
Domestic Credit (%)
July 2008–September 2009
-40
-20
0
20
40
60
80
100
120
140
160
180
J
u
l

0
8
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
0
10
20
30
40
50
60
70
80
90
100
110
Annualised change in domestic credit (left)
Annualised change in private sector credit (left)
Previous 12 months' growth in domestic credit (right)

Source: National Bank of Cambodia
Monetary Operations
July 2008–September 2009


























Source: National Bank of Cambodia
External Development Assistance Disbursement:
Environment & Conservation
2000–2007













Source: Cambodia Aid Effectiveness Report 2007, CDC
4
0
9
3
4
1
7
2
4
1
5
5
4
0
7
7
4
1
5
6
4
1
3
8
3900
3950
4000
4050
4100
4150
4200
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
N
o
v

0
9
Market rate
Official rate
1
1
7
.
0
1
2
5
.
4
1
2
5
.
8
2
4
.
3
2
3
.
5
2
3
.
3
114
116
118
120
122
124
126
128
130
132
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
N
o
v

0
9
K
H
R

p
e
r

B
a
h
t
19
21
23
25
27
29
31
33
35
37
K
H
R

p
e
r

V
D
N
1
0
0
Thai baht (left)
Vietnamese dong (right)
-6000
-4000
-2000
0
2000
4000
6000
8000
10000
12000
14000
J
u
l

0
8
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
K
H
R

b
n
Liquidit y Net Foreign Asset s
Privat e Sect or Credit Government Deposit s
Ot her
0
5
10
15
20
25
30
35
2000 2001 2002 2003 2004 2005 2006 2007
U
S
D

m
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 6
-::c-e:·-:·e:-- :÷ -:.×:e-ce -:c:-
External Trade and National Budget Operations
Imports: Cigarettes & Construction Materials
June 2008–August 2009
















Source: Economic & Monetary Statistics, NBC
Cambodia: Main Exports
June 2008–August 2009
0
50
100
150
200
250
300
350
400
J
u
n

0
8
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
U
S
D

m
0
1
2
3
4
5
6
7
8
U
S
D

m
Total exports (left) Garments (left)
Rubber (right) Fish (right)

Source: Economic & Monetary Statistics, NBC
Imports: Petroleum Products
June 2008–August 2009















Source: Economic & Monetary Statistics, NBC
Current Budget Operations
August 2008–October 2009















Source: MEF Bulletin
Current Budget Revenue
August 2008–October 2009










Source: MEF web site
Current Budget Expenditure
August 2008–October 2009















Source: MEF web site
251
233
241
106
93
96
67
41
46
0
100
200
300
400
500
600
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
O
c
t

0
9
K
H
R

b
n
Non-tax
Import and Export taxes
Domestic taxes
64.3
45.5
52.7
17.2
20.4
13.0
12.6
12.6 13.9
0
20
40
60
80
100
120
J
u
n

0
8
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
K
H
R

b
n
Cigaret t es Cement St eel
1
3
2
.
0
1
0
8
.
3
9
9
.
9
0
20
40
60
80
100
120
140
J
u
n

0
8
A
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0
8
O
c
t

0
8
D
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0
8
F
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b

0
9
A
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0
9
J
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0
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0
9
K
H
R

b
n
32
95
33
-200
-150
-100
-50
0
50
100
150
200
250
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
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0
9
O
c
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0
9
K
H
R

b
n
392
222
49
121
0
200
400
600
800
1000
1200
1400
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
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0
9
O
c
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0
9
K
H
R

b
n
Ot her services
Subsidies and social assist ance
Wages
Current expendit ure
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 7
:c:-¸·÷×:¬:.-:e:.- -÷·e:---ec:
Provincial Food Prices
Cambodia: Food Prices in Siem Reap Province
September 2008–November 2009















Source: CDRI
Cambodia: Food Prices in Battambang Province
September 2008–November 2009









Source: CDRI
Cambodia: Food Prices in Kg Cham Province
September 2008–November 2009














Source: CDRI
Cambodia: Food Prices in Kampot Province
September 2008–November 2009
500
4000
7500
11000
14500
18000
21500
S
e
p
-
0
8
N
o
v
-
0
8
J
a
n
-
0
9
M
a
r
-
0
9
M
a
y
-
0
9
J
u
l
-
0
9
S
e
p
-
0
9
N
o
v
-
0
9
R
i
e
l
s
/
k
g
3000
7000
11000
15000
19000
23000
27000
R
i
e
l
s
/
k
g
Rice-Phka Knhei(left) Fresh fish (left)
1st quality pork (right) 1st quality beef (right)

Source: CDRI
Cambodia: Food Prices in Svay Rieng Province
September 2008–November 2009
500
4000
7500
11000
14500
18000
21500
S
e
p
-
0
8
N
o
v
-
0
8
J
a
n
-
0
9
M
a
r
-
0
9
M
a
y
-
0
9
J
u
l
-
0
9
S
e
p
-
0
9
N
o
v
-
0
9
R
i
e
l
s
/
k
g
3000
7000
11000
15000
19000
23000
27000
R
i
e
l
s
/
k
g
Rice-Phka Knhei (left) Fresh fish (left)
1st quality pork (right) 1st quality beef (right)

Source: CDRI
Cambodia: Food Prices in Kg Speu Province
September 2008–November 2009
500
4000
7500
11000
14500
18000
21500
25000
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
N
o
v

0
9
R
i
e
l
s
/
k
g
3000
7000
11000
15000
19000
23000
27000
31000
R
i
e
l
s
/
k
g
Rice-Phka Knhei (left) Fresh fish (left)
1st quality pork (right) 1st quality beef (right)

Source: CDRI
500
4000
7500
11000
14500
18000
21500
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
N
o
v

0
9
R
i
e
l
s
/
k
g
3000
7000
11000
15000
19000
23000
27000
R
i
e
l
s
/
k
g
Rice-Phka Knhei (left ) Fresh fish (left )
1st qualit y pork (right ) 1st qualit y beef (right )
500
4000
7500
11000
14500
18000
21500
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
N
o
v

0
9
R
i
e
l
s
/
k
g
3000
7000
11000
15000
19000
23000
27000
R
i
e
l
s
/
k
g
Rice-Phka Knhei(left) Fresh fish (left )
1st qualit y pork (right) 1st quality beef (right)
500
4000
7500
11000
14500
18000
21500
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
N
o
v

0
9
R
i
e
l
s
/
k
g
3000
7000
11000
15000
19000
23000
27000
R
i
e
l
s
/
k
g
Rice-Phka Knhei (left ) Fresh fish (left )
1st qualit y pork (right ) 1st qualit y beef (right )
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 8
:c-:¬-:e:.--÷·e:---ec:. -:ee.-:¬
Provincial Goods Prices in Cambodia by Products
Cambodia: Rice Prices in Three Provinces
















Source: CDRI
Cambodia: Rice Prices in Three Provinces











Source: CDRI
Cambodia: Fish Prices in Three Provinces















Source: CDRI
Cambodia: Fish Prices in Three Provinces
















Source: CDRI
Cambodia: Pork Prices in Three Provinces










Source: CDRI
Cambodia: Pork Prices in Three Provinces












Source: CDRI
2
5
5
0
2
4
0
0
2
5
5
0
2
5
5
0
2
6
0
0
2
5
0
0
2
2
0
0
2
9
0
0
2
5
0
0
2
5
0
0
2
6
0
0
2
5
0
0
2
5
0
0
2
4
7
5
2
6
0
0
0
500
1000
1500
2000
2500
3000
3500
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09
R
i
e
l
s
/
k
g
Bat t ambang
Kompong Speu
Kompong Cham
2
2
5
0
2
6
0
0
2
4
0
0
2
8
0
0
2
6
0
0
2
5
0
0
2
5
0
0
2
5
0
0
2
5
0
0
2
5
0
0
2
6
0
0
2
7
0
0
2
6
0
0
2
6
0
0
2
6
0
0
0
500
1000
1500
2000
2500
3000
3500
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09
R
i
e
l
s
/
k
g
Kampot
Siem Reap
Svay Rieng
1
0
0
0
0
1
2
0
0
0
1
3
5
0
0
1
2
7
5
0
1
2
2
5
0
1
1
0
0
0
1
4
0
0
0
1
2
5
0
0
1
1
0
0
0
1
2
0
0
0
1
1
2
5
0
9
7
5
0
1
1
7
5
0
1
0
2
5
0
9
7
5
0
0
2000
4000
6000
8000
10000
12000
14000
16000
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09
R
i
e
l
s
/
k
g
Bat t ambang
Kompong Speu
Kompong Cham
1
0
0
0
0
1
2
0
0
0
1
3
5
0
0
1
2
7
5
0
1
2
2
5
0
1
1
0
0
0
1
4
0
0
0
1
2
5
0
0
1
1
0
0
0
1
2
0
0
0
1
1
2
5
0
9
7
5
0
1
1
7
5
0
1
0
2
5
0
9
7
5
0
0
2000
4000
6000
8000
10000
12000
14000
16000
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09
R
i
e
l
s
/
k
g
Bat t ambang
Kompong Speu
Kompong Cham
1
6
0
0
0
1
5
5
0
0
1
6
5
0
0
1
6
5
0
0
1
6
5
0
0
1
5
0
0
0
1
6
0
0
0 1
6
5
0
0
1
6
5
0
0
1
6
0
0
0
1
8
0
0
0
1
8
0
0
0
1
8
0
0
0
1
8
0
0
0
1
8
0
0
0
13500
14000
14500
15000
15500
16000
16500
17000
17500
18000
18500
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09
R
i
e
l
s
/
k
g
Bat t ambang
Kompong Speu
Kompong Cham
1
7
5
0
0
1
8
0
0
0
1
7
0
0
0
1
8
0
0
0
1
8
0
0
0
1
6
0
0
0
1
6
0
0
0
1
6
0
0
0
1
6
0
0
0
1
6
0
0
0
1
5
0
0
0
1
5
0
0
0 1
5
0
0
0
1
5
0
0
0
1
5
0
0
0
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09
R
i
e
l
s
/
k
g
Kampot
Siem Reap
Svay Rieng
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 9
:c-:¬ -:.:::e¬ :÷ e:::--e.×:.c:-:::-÷·e:--c::c-.e--ec:
Goods Prices, Exports and International Tourist Arrivals to Partners of Cambodia
Thailand: Prices of Rubber, Rice and Maize
August 2008–October 2009















Source: Bank of Thailand, Foreign Trade and Balance of Payments
Vietnam: Prices of Rubber, Rice and Cashew Nuts
August 2008–October 2009










Source: General Statistics Office of Vietnam
Thailand: Exports
August 2008–October 2009















Source: Customs Department of Thailand
Vietnam: Exports
August 2008– October 2009
0
80
160
240
320
400
480
A
u
g
-
0
8
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
U
S
D

m
20
40
60
80
100
120
140
U
S
D

m
Rice (left) Rubber (left)
Cashew nuts (right)


Source: General Statistics Office of Vietnam
Thailand: International Arrivals
October 2006–December 2007*
















Source: Tourism Authority of Thailand
*Data are available to December 2007.
Vietnam: International Arrivals
August 2008–October 2009
0
50
100
150
200
250
300
350
400
A
u
g
-
0
8
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
0
0
0
'

p
e
r
s
o
n
s
Others
Business
Tourism

Source: General Statistics Office of Vietnam
Data were estimated by the statistics office.
0
200
400
600
800
1000
1200
1400
1600
O
c
t

0
6
D
e
c

0
6
F
e
b

0
7
A
p
r

0
7
J
u
n

0
7
A
u
g

0
7
O
c
t

0
7
D
e
c

0
7
0
0
0

p
e
r
s
o
n
s
Air Land Sea
200
300
400
500
600
700
800
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
O
c
t

0
9
U
S
D

m
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
U
S
D

m
Rice (left )
Nat ural rubber and similar nat ural gums (left )
Cashew and similar nut s (right )
200
400
600
800
1000
1200
1400
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
O
c
t

0
9
U
S
D

p
e
r

t
o
n
n
e
1000
3000
5000
7000
9000
11000
13000
U
S
D

p
e
r

t
o
n
n
e
Rice (left ) Rubber (right )
Cashew nuts (right )
200
400
600
800
1000
1200
1400
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
O
c
t

0
9
U
S
D

p
e
r

t
o
n
n
e
0
500
1000
1500
2000
2500
3000
U
S
D

p
e
r

t
o
n
n
e
Rice (left )
Rubber (right )
Maize and Maize Product s (right )
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 10
--e-:-:-c-e : ÷ -::-:-×·-:×-c.::::e::·e:--c::c-.e--ec:
Economic Activity and Inflation Rates of Selected Economic Partners of Cambodia
Year-on-Year Growth of Main Exports: Japan (%)
October 2008–September 2009




















Source: Japanese Trade and Investment Statistics
Goods Exports: US, Euro Zone & Japan
June 2008–August 2009
0
50
100
150
200
250
J
u
n

0
8
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
U
S
D

b
n
US Euro zone Japan

Sources: BEA, Eurostat and OECD
External Trade: Malaysia
July 2008–September 2009
0
2
4
6
8
10
12
14
16
18
20
22
J
u
l
-
0
8
S
e
p
-
0
8
N
o
v
-
0
8
J
a
n
-
0
9
M
a
r
-
0
9
M
a
y
-
0
9
J
u
l
-
0
9
S
e
p
-
0
9
Exports
Imports
Trade balance

Source: Department of Statistics, Malaysia
Inflation Rates: US, Euro Zone & Japan (%)
(price change from a year earlier)
-3
-2
-1
0
1
2
3
4
5
6
A
u
g
-
0
8
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
USA Euro zone Japan

Sources: IMF and Economist (1 December 2009)
Inflation Rate: China, Hong Kong & South Korea (%)
(price change from a year earlier)
-3
-2
-1
0
1
2
3
4
5
6
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
O
c
t

0
9
China Hong Kong Sout h Korea
S
ources: IMF and Economist (1 December 2009)
Inflation Rate: Selected ASEAN Countries (%)
(price change from a year earlier)
-6
-4
-2
0
2
4
6
8
10
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
O
c
t

0
9
Malaysia Singapore Thailand


Sources: IMF and Economist (1 December 2009)
-60
-50
-40
-30
-20
-10
0
10
20
30
O
c
t

0
8
N
o
v

0
8
D
e
c

0
8
J
a
n

0
9
F
e
b

0
9
M
a
r

0
9
A
p
r

0
9
M
a
y

0
9
J
u
n

0
9
J
u
l

0
9
A
u
g

0
9
S
e
p

0
9
Manufact ured goods Machinery
Elect ricial machinery Transport equipment
Tot al
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 11
×·-:e.·.:- :÷ -::-:-:c- :¬::-c·:.×:.c:-
Exchange Rates and Commodity Prices in World Markets
KRW & HKD per USD
September 2008–November 2009

















Source: Federal Reserve Bank of New York
EUR & JPY per USD
September 2008–November 2009



















Source: Federal Reserve Bank of New York
THB & SGD Per USD
September 2008–November 2009












Source: Federal Reserve Bank of New York
Rice: International Prices Index & Export Prices
August 2008–October 2009












Sources: Osiriz/InfoArroz and InterRice
Prices: Soybeans, Maize & Rubber
July 2008–September 2009
















Source: Food and Agriculture Organisation and Malaysian Rubber Exchange
Prices: Crude Oil, Gasoline & Diesel
September 2008–November 2009















Source: US Energy Information Administration
0
200
400
600
800
1000
1200
1400
1600
1800
S
e
p

0
8

N
o
v

0
8

J
a
n

0
9

M
a
r

0
9

M
a
y

0
9

J
u
l

0
9

S
e
p

0
9

N
o
v

0
9

K
R
W
7.74
7.74
7.75
7.75
7.76
7.76
7.77
7.77
7.78
7.78
H
K
D
KRW (left scale)
HKD (right scale)
90
94
98
102
106
110
114
118
122
126
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
N
o
v

0
9
J
P
Y
0.60
0.63
0.66
0.69
0.72
0.75
0.78
0.81
0.84
0.87
E
U
R
O
JPY (left scale)
EURO (right scale)
1.35
1.38
1.41
1.44
1.47
1.50
1.53
1.56
S
e
p

0
8

N
o
v

0
8

J
a
n

0
9

M
a
r

0
9

M
a
y

0
9

J
u
l

0
9

S
e
p

0
9

N
o
v

0
9

S
G
D
28
30
32
34
36
38
40
42
T
H
B
SGD (left scale)
THB (right scale)
150
250
350
450
550
650
750
850
A
u
g

0
8
O
c
t

0
8
D
e
c

0
8
F
e
b

0
9
A
p
r

0
9
J
u
n

0
9
A
u
g

0
9
O
c
t

0
9
U
S
D

/

t
o
n
n
e

F
O
B
0
50
100
150
200
250
300
350
I
P
O
USA 2/4
Thai 100% B
IPO
20
30
40
50
60
70
80
90
100
110
120
130
140
150
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
N
o
v

0
9
U
S
D
20
30
40
50
60
70
80
90
100
110
120
130
140
150
U
S

C
e
n
t
Crude oil: OPEC spot - USD/barrel
Gasoline: US Gulf Coast - US cents/litre (right scale)
Diesel: low sulphur No.2 - US cents/litre (right scale)
0
100
200
300
400
500
600
700
J
u
l

0
8
S
e
p

0
8
N
o
v

0
8
J
a
n

0
9
M
a
r

0
9
M
a
y

0
9
J
u
l

0
9
S
e
p

0
9
U
S
D

/

t
o
n
n
e

F
O
B
0
500
1000
1500
2000
2500
3000
3500
Soybeans: US No.1, Yellow (left scale)
Maize: US No.2, Yellow (left scale)
Rubber SMR 5 (right scale)
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 12
- -’ e:::-c -e
Economic News
. .’ ··«.·. · . · ··« · .
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Economic News Highlights:
Skilled Workers Key to Cambodia’s Continued Economic
Growth
MANILA, PHILIPPINES – Rising demand for skilled labour and
inadequate investment in vocational training have created a shortage of
skilled workers in Cambodia, impacting on productivity and economic
growth.
To address these constraints, the Asian Development Bank’s Board of
Directors has approved a USD24.5 million grant from its concessional
Asian Development Fund for a project to improve the government’s
technical and vocational education training (TVET) system to make it
more responsive to the country’s growing need for a skilled and educated
workforce.
The project will provide an expanded and more integrated training system
that is endorsed by industry and better aligned with the skills requirements
of the formal and informal economies. Initially, the project will focus on
three industry sectors – mechanics, construction, and business services and
information and communication technology – to develop models for
formal and non-formal training programmes. Later, similar training
models will be rolled out for other industries.
Cambodia’s economy has grown significantly over the past decade, as the
country transitions from a traditional agrarian base to a modern
industrialised economy. However, the recent global financial crisis has
significantly slowed Cambodia’s economic growth rate and highlighted
the country’s vulnerability to shocks due to its narrow economic base.
Agriculture, manufacturing and the services industry account for 85
percent of employment and 92 percent of its gross domestic product.
“The government recognises that the issue of productivity must be
addressed, as must the need to attract new industries to increase the
diversification of the economy”, said Wendy Duncan, principal education
specialist in ADB’s Southeast Asia Department. “It strongly believes that
TVET has an important role to play in the effort to meet these challenges,
and it recognises the need to transform TVET into a quality, demand-
driven training system that is relevant to industry.” At the same time, the
government recognises the continuing importance of providing non-
formal basic skills training to help the young and unemployed in rural
areas raise their incomes.
The primary beneficiaries of the project will be the rural underemployed,
including workers recently displaced from the garment and other
industries hit hard by the global financial crisis. As well, by 2020 it is
expected that there will be at least a 30 percent increase in the number of
employees holding formal TVET qualifications.
“Beneficiaries will acquire skills responsive to the needs of industries,
which should raise productivity and incomes and benefit the economy as a
whole”, said Ms Duncan.
The government will contribute USD3 million toward the project's total
cost of USD27.52 million. The executing agency is the Ministry of Labour
and Vocational Training. (Source: Asian Development Bank December 09)
Links to other economic news:
1. “Cambodia Targets Financial System Reforms to Bolster Growth, Cut
Poverty”
(http://www.adb.org/Media/Articles/2009/13081-cambodian-financial-system-
reforms/)
2. “ASEAN, APEC secretariats take initiative to bolster trade ties in two
regions” (http://news.xinhuanet.com/english/2009-11/13/content_12450629.htm
retrieved on 8/12/09)
3. “Sustainable Urbanization Key to Sustainable Growth, Says ADB”
(http://www.adb.org/Media/Articles/2009/13051-sustainable-economic-
developments/)
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 2

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