Property News Roundup 25th November 2024
We’re delighted to share the weekly news highlights below.
- US remains Cambodia’s number one export market in 10 months
In the first ten months of 2024, the United States remained Cambodia’s top export market, with exports reaching $8.23 billion, a 9.8% increase. Vietnam followed as Cambodia’s second-largest market, with exports to Vietnam rising by 31.2% to $2.9 billion. China ranked third, with exports growing by 12% to $1.4 billion, while imports from China surged by 23.2%. Japan and Canada were the fourth and fifth largest markets, with Cambodia’s exports to Japan up 18% to $1.1 billion, and exports to Canada rising nearly 30% to over $900 million
19 November 2024 | Khmer Times | Link: https://tinyurl.com/3y6446jw
- Cambodia needs $36B for large scale infra development
Cambodia requires about $36 billion in investment to fund its infrastructure development plans for 2023-2033. The Ministry of Public Works and Transport’s report outlines 174 priority projects, including road, railway, river, sea, and air transport, as well as logistics projects. These projects are split into short- and medium-term (2023-2027) with 90 projects, and long-term (2028-2033) with 91 projects, including seven that span both timeframes.
19 November 2024 | Khmer Times | Link: https://tinyurl.com/mmupdb2r
- Trump tariff threat looms large on several Asian countries — not just China — says Goldman Sachs
Donald Trump’s victory in the U.S. elections has raised concerns about higher tariffs on China, but other Asian countries may also face scrutiny. While the U.S. trade deficit with China has decreased, deficits with countries like Korea, Taiwan, and Vietnam have grown, potentially leading to tariffs on these nations as well. These countries have seen trade surpluses with the U.S. due to factors like semiconductor exports and trade shifts from China. As a result, U.S. tariffs could affect open economies in the region, with Taiwan particularly vulnerable.
19 November 2024 | CNBC | Link: https://tinyurl.com/3njxscta
- Boeing Issues Layoff Notices to 400-Plus Workers as It Begins Drastic Cuts
Boeing recently began layoffs, cutting about 438 jobs from the Society of Professional Engineering Employees in Aerospace (SPEEA), a union representing engineers, scientists, and technical workers. The company had previously announced plans to reduce its workforce by 10%, or 17,000 jobs, due to financial challenges. Employees affected by the layoffs will receive severance, career transition services, and subsidized healthcare for up to three months.
19 November 2024 | Kiri Post | Link: https://tinyurl.com/374mukhb
- Cambodian Property Tax Incentives & Legal Changes – What To Know
Cambodia’s real estate sector has been impacted by global economic factors, shifts in buyer behavior, and market corrections. In response, the government is extending tax incentives until the end of 2025 to support housing developers, property owners, and investors, hoping to boost the sector’s growth. Prime Minister Hun Manet emphasized that these incentives aim to strengthen the economy and the real estate market, which has been lagging behind other sectors.
20 November 2024 | Khmer Times | Link: https://tinyurl.com/2af579xu
- China’s economy to sustain recovery in November-December period, says economic planner
China’s economy is expected to continue its recovery in November and December, supported by effective government policies, according to the National Development and Reform Commission (NDRC). Despite domestic and global challenges, China’s GDP grew by 4.8% in the first three quarters of 2024, with a target of around 5% growth for the year. The NDRC highlighted positive market confidence and increasing business investment. Looking ahead, China’s economy is expected to benefit from factors like urbanization, green and digital business models, and services for the elderly and children. With strong policy support, China is confident in its long-term economic growth.
20 November 2024 | CGTN | Link: https://tinyurl.com/39h8mmp7
- US tariffs could crush the European stock market
The gap between US and European stock performance has reached record levels, with the US S&P 500 nearly doubling in the past five years, while Europe’s Stoxx Europe 600 index has risen by only 25%. This divergence is expected to continue, as Europe lags behind the US in its recovery from the pandemic and struggles to keep up with technological advancements like artificial intelligence and renewable energy. Europe faces challenges from both a protectionist US and a competitive China, especially in sectors like electric vehicles and solar panels, where China’s industrial policy has led to greater market share.
20 November 2024 | UnHerd | Link: https://tinyurl.com/ycx55s2t
- AmCham survey details optimistic outlook for doing business in Cambodia
The American Chamber of Commerce in Cambodia (AmCham Cambodia) released its 2024 Business Climate Survey, showing generally positive growth prospects among over 500 Cambodian-based companies. Many businesses expect increased profitability and investment in 2024, with Cambodia becoming an increasingly attractive market due to a steady 7% GDP growth and post-Covid recovery. Key advantages for foreign businesses include 100% foreign ownership and the use of the US dollar, which supports economic stability. However, challenges such as transparency in the legal system and high electricity and logistics costs remain barriers to further investment growth.
22 November 2024 | Khmer Times | Link: https://t.ly/CAI0b
- Khmer Riel available for trading in China
Khmer Riel (KHR) was officially launched for currency trading at Travelex exchange counters at Chongqing Jiangbei International Airport in China. This move, supported by the National Bank of Cambodia (NBC) and Travelex, aims to facilitate currency exchange for Chinese tourists visiting Cambodia and vice versa. It also marks a significant step in internationalizing the KHR, reflecting increased confidence in the currency due to the NBC’s efforts to maintain its stability. The NBC plans to continue expanding KHR’s presence in global markets.
22 November 2024 | Khmer Times | Link: https://t.ly/VllEa
- Trump tariffs are coming, but some Chinese companies may already know how to avoid them
Businesses are preparing for the economic impact of a potential second Trump presidency, which could involve tariffs on nearly all US imports, particularly from China. While concerns about a renewed trade war grow, some manufacturers, like China’s solar companies, may be looking to adapt by following strategies already employed by these companies. Despite China dominating the global solar market, its share of US imports has dwindled due to over a decade of US tariffs. In response, Chinese solar companies have shifted their supply chains to Southeast Asia, particularly to Cambodia, Malaysia, Thailand, and Vietnam, to circumvent these tariffs.
22 November 2024 | The Guardian | Link: https://t.ly/bfCYw