This document summarizes trade and foreign direct investment in Cambodia. It finds that both exports and imports have increased substantially in recent decades. Major export partners are developed countries like the US and UK, while major import partners are East Asian countries like China and Vietnam. The largest exports are apparel, footwear and garments, while major imports include fabrics and fibers used to produce exports. Inward foreign direct investment has also grown rapidly, with the largest investors coming from China, Malaysia, South Korea and other East Asian countries. Much of the investment has been in the garment and footwear sectors.
Session 1 kumagai japanese ofdi and the industrialisation in east asia and as...ntuperc
Japanese outward FDI(OFDI) to East Asia is a source of export-oriented industrialisation in the region, especially for ASEAN member countries. Japanese OFDI increases significantly after the Plaza According 1985, then again peaked at the middle of the 1990’s and plunged after the Asian financial crisis 1997/98, then resurged in the first half of the 2000s. The formation of production networks through Japanese OFDI helps the export-oriented industrialization in East Asia and ASEAN countries, as well as it is a driving force of upgrading industrial structure in the region, a la Flying Geese pattern.
Session 2 archanun how aec promote intra_asean trade evidence from thailandntuperc
To gain better understanding of prospects and challenges of AEC, the paper examines whether and how exporters actually respond to tariff preferential schemes of AEC. The core analysis in this paper is an analysis of FTA administrative records of Thailand over the decade ending in 2015. Firms applying AEC preferential schemes were for market access into the original ASEAN members. Products exported under the FTA preferential schemes are highly concentrated, dominated by 4 sectors, i.e. Automotive (both vehicles and auto parts), electrical appliances, petrochemical products, and processed foods. Among ASEAN members, Indonesia had the highest utilization rate, followed by the Philippines and Vietnam. By contrast, Malaysia, another major trading partners of Thailand within ASEAN, recorded rather low utilization rate, i.e. about one-fourth of total export. The high cost of compiling with ROO would explain the low utilization rate to a certain extent. There are also cumbersome in government procedures. The key policy inference is that ROO and their related administrative procedures would be an area where policy makers should pay attention.
Session 1 ramstetter&nguyen multinational enterprises and vietnam’s exportsntuperc
This paper examines the role of foreign multinational enterprises (MNEs) have played in Vietnam’s exports in 1995-2014. Economy-wide estimates suggest MNE share of Vietnam’s export grew from about one quarter to about two-thirds during this period. MNE shares of GDP were much smaller (6 to 18 percent); correspondingly export-production ratios were much (4.7 to 9.6 times) higher in MNEs than in the non-MNEs sector. If comparisons are limited to formal enterprises, wholly-foreign MNEs (WFs), which account for the vast majority of MNEs in Vietnam, tend to have relatively high export propensities and account for the vast majority of MNE exports. These data thus suggest that MNEs, and particularly WFs, make unusually large direct contributions to exports in Vietnam compared to other economic activities. On the other hand, these compilations cannot establish how if export propensities differ significantly among ownership groups after accounting for other, related firm-level and industry-level characteristics. Moreover, this paper highlights several substantial problems revealed by compilations of the firm-data which much be addressed before more reliable, rigorous analysis of the firm-level data will be possible.
The document discusses the business environment in China by examining the economic, political, and cultural factors that influence business practices. It summarizes that China has a huge potential market but also poses risks due to differences in its political system and culture. The economy has grown significantly through foreign investment and trade, though challenges remain around infrastructure, currency policy, and human rights issues. Understanding these environmental factors is important for foreign businesses operating in China.
Effect of international trade on economic growth in kenyaAlexander Decker
This document analyzes the effect of international trade on economic growth in Kenya from 1960 to 2010. It uses a multiple linear regression model to examine the relationship between GDP growth rate and several independent variables including exchange rate, inflation, and final government consumption. The findings show that exchange rate had no significant effect on GDP growth, while inflation had a negative and significant effect. Final government consumption had a positive effect on GDP growth in Kenya. The study recommends policies to promote exports, maintain low inflation, and encourage government expenditure on development projects.
Malaysia has a population of 29.8 million people and its capital is Kuala Lumpur. Its GDP was $190.31 billion in 2011, making it the 3rd largest economy in Southeast Asia. Malaysia has a highly open economy that exports electrical appliances, electronics, palm oil, and natural gas. Its major trade partners are China, Japan, the US and Singapore. The Malaysian Ringgit is the national currency. The economy has diversified from primarily producing tin, rubber and palm oil to include industries like electronics manufacturing and tourism. Services make up the largest sector of the economy at 46.8% of GDP, followed by industry at 41.2% and agriculture at 11.9%. The economy is
China’s Economic Miracle Under A Macro Economic Viewhong_nona
This is my MBA Business Economic project addressing China’s robust economic growth from a top-10 global economy to the top 3-global economy in 10 years in-row.
China has experienced rapid economic growth averaging 10% annually, making it the world's second largest economy. While GDP growth has slowed recently to around 6.5%, the government is taking steps to transition to a more consumption-based economy with a focus on sustainability. Manufacturing dominates China's economy, accounting for over 45% of GDP, while the services sector is growing rapidly and now represents around 44% of GDP. Inequality remains an issue, with the Gini coefficient between 0.47-0.49.
Session 1 kumagai japanese ofdi and the industrialisation in east asia and as...ntuperc
Japanese outward FDI(OFDI) to East Asia is a source of export-oriented industrialisation in the region, especially for ASEAN member countries. Japanese OFDI increases significantly after the Plaza According 1985, then again peaked at the middle of the 1990’s and plunged after the Asian financial crisis 1997/98, then resurged in the first half of the 2000s. The formation of production networks through Japanese OFDI helps the export-oriented industrialization in East Asia and ASEAN countries, as well as it is a driving force of upgrading industrial structure in the region, a la Flying Geese pattern.
Session 2 archanun how aec promote intra_asean trade evidence from thailandntuperc
To gain better understanding of prospects and challenges of AEC, the paper examines whether and how exporters actually respond to tariff preferential schemes of AEC. The core analysis in this paper is an analysis of FTA administrative records of Thailand over the decade ending in 2015. Firms applying AEC preferential schemes were for market access into the original ASEAN members. Products exported under the FTA preferential schemes are highly concentrated, dominated by 4 sectors, i.e. Automotive (both vehicles and auto parts), electrical appliances, petrochemical products, and processed foods. Among ASEAN members, Indonesia had the highest utilization rate, followed by the Philippines and Vietnam. By contrast, Malaysia, another major trading partners of Thailand within ASEAN, recorded rather low utilization rate, i.e. about one-fourth of total export. The high cost of compiling with ROO would explain the low utilization rate to a certain extent. There are also cumbersome in government procedures. The key policy inference is that ROO and their related administrative procedures would be an area where policy makers should pay attention.
Session 1 ramstetter&nguyen multinational enterprises and vietnam’s exportsntuperc
This paper examines the role of foreign multinational enterprises (MNEs) have played in Vietnam’s exports in 1995-2014. Economy-wide estimates suggest MNE share of Vietnam’s export grew from about one quarter to about two-thirds during this period. MNE shares of GDP were much smaller (6 to 18 percent); correspondingly export-production ratios were much (4.7 to 9.6 times) higher in MNEs than in the non-MNEs sector. If comparisons are limited to formal enterprises, wholly-foreign MNEs (WFs), which account for the vast majority of MNEs in Vietnam, tend to have relatively high export propensities and account for the vast majority of MNE exports. These data thus suggest that MNEs, and particularly WFs, make unusually large direct contributions to exports in Vietnam compared to other economic activities. On the other hand, these compilations cannot establish how if export propensities differ significantly among ownership groups after accounting for other, related firm-level and industry-level characteristics. Moreover, this paper highlights several substantial problems revealed by compilations of the firm-data which much be addressed before more reliable, rigorous analysis of the firm-level data will be possible.
The document discusses the business environment in China by examining the economic, political, and cultural factors that influence business practices. It summarizes that China has a huge potential market but also poses risks due to differences in its political system and culture. The economy has grown significantly through foreign investment and trade, though challenges remain around infrastructure, currency policy, and human rights issues. Understanding these environmental factors is important for foreign businesses operating in China.
Effect of international trade on economic growth in kenyaAlexander Decker
This document analyzes the effect of international trade on economic growth in Kenya from 1960 to 2010. It uses a multiple linear regression model to examine the relationship between GDP growth rate and several independent variables including exchange rate, inflation, and final government consumption. The findings show that exchange rate had no significant effect on GDP growth, while inflation had a negative and significant effect. Final government consumption had a positive effect on GDP growth in Kenya. The study recommends policies to promote exports, maintain low inflation, and encourage government expenditure on development projects.
Malaysia has a population of 29.8 million people and its capital is Kuala Lumpur. Its GDP was $190.31 billion in 2011, making it the 3rd largest economy in Southeast Asia. Malaysia has a highly open economy that exports electrical appliances, electronics, palm oil, and natural gas. Its major trade partners are China, Japan, the US and Singapore. The Malaysian Ringgit is the national currency. The economy has diversified from primarily producing tin, rubber and palm oil to include industries like electronics manufacturing and tourism. Services make up the largest sector of the economy at 46.8% of GDP, followed by industry at 41.2% and agriculture at 11.9%. The economy is
China’s Economic Miracle Under A Macro Economic Viewhong_nona
This is my MBA Business Economic project addressing China’s robust economic growth from a top-10 global economy to the top 3-global economy in 10 years in-row.
China has experienced rapid economic growth averaging 10% annually, making it the world's second largest economy. While GDP growth has slowed recently to around 6.5%, the government is taking steps to transition to a more consumption-based economy with a focus on sustainability. Manufacturing dominates China's economy, accounting for over 45% of GDP, while the services sector is growing rapidly and now represents around 44% of GDP. Inequality remains an issue, with the Gini coefficient between 0.47-0.49.
Irfan mumbaPerformance of Global Stock Market Intgration: Empirical Evidencce...Mohammad Irfan
This document analyzes the performance of stock markets in Brazil, Russia, India, China and South Africa (BRICS) between 2007 and 2013. It discusses the objectives of examining risk, return and correlation between the stock market indices of these countries. It also provides background information on each country's stock market, historical performance data, and their importance and role in global economic growth. The BRICS countries are seen as emerging economies that will be among the largest in the world in the coming decades.
The document discusses the bailout deal reached for Cyprus to avoid exiting the eurozone. Key points:
- Cyprus agreed to restructure its second largest bank, Laiki, dissolving it and transferring guaranteed deposits to the largest bank, Bank of Cyprus, which also faces major restructuring.
- Large depositors in both banks face significant losses of up to 40% of their money. The banking sector will shrink greatly and thousands of jobs will be lost.
- Capital controls will be imposed temporarily on bank withdrawals and cash movements.
- However, Cyprus' debt levels remain very high and its economy will shrink drastically, so it may require further bailouts.
- The deal sets a precedent that worries
The document discusses the impact of globalization on the Indian economy and service sector. It notes that globalization has had a highly positive impact on India's economic growth, reducing poverty and increasing employment, exports, and competitiveness. The service sector is a major contributor to India's social and economic growth, and has grown significantly due to factors like urbanization and privatization. India's GDP growth rate has increased from 5.6% in 1980-1990 to over 8% in some years since the 1990s. India has also improved its global economic position and is now a top exporter of services. However, the document cautions that policies like liberalization and privatization must be properly sequenced and paced to provide safety nets and avoid
This document examines whether the Marshall-Lerner condition holds for Kenya's bilateral trade using dynamic panel data analysis. It finds that Kenya has persistent trade surpluses with Uganda, Tanzania, and Netherlands, but large and persistent deficits with China, UAE, India, Germany, and USA. The study applies unit root and cointegration tests to Kenya's bilateral trade data before using mean group estimation. The results indicate that currency devaluation in Kenya would only improve its trade balance according to the Marshall-Lerner condition when considering its bilateral trade with China, UAE, India, and South Africa. The study thus recommends that Kenya should assess currency devaluation decisions on a bilateral rather than aggregate basis.
Consumer Trends and Expansion of Retail Markets in Growing ASEAN Economies No...Utai Sukviwatsirikul
This document summarizes consumer trends and the expansion of retail markets in growing ASEAN economies. It finds that ASEAN countries are experiencing significant economic growth driven by large populations of young people and growing middle classes. While there are differences between countries, surveys reveal common trends in maturing consumption across major ASEAN cities. The retail markets in Southeast Asia currently exhibit high growth and offer potential for further expansion. However, government policies and infrastructure development present risks that companies must consider when entering these markets.
This document summarizes consumer trends and the expansion of retail markets in growing ASEAN economies. It finds that ASEAN countries are experiencing significant economic growth driven by large populations of young people and growing middle classes. While there are differences between countries, surveys find common trends in maturing consumption across major ASEAN cities. The retail markets in Southeast Asia currently exhibit high growth and offer potential for further expansion. However, government policies and infrastructure development present risks that companies must consider when entering these markets.
The document discusses the potential impacts of de-globalization trends on East Asian economies. It finds that world trade, foreign direct investment, and intra-East Asian trade have significantly contributed to East Asian income per capita and GDP growth based on regression analyses. It concludes that East Asian countries should boost intra-regional trade through agreements like RCEP to compensate for possible stagnation in world trade and maintain economic integration and welfare as de-globalization progresses.
Economic Development in Thailand in detailed point of view.Sanath Dasanayaka
In this report, it is expected to examine the economic and business strategies used by Thailand in the past years in detail and clearly. As well as, here, it is expected to suggest the business strategies used by Thailand for Sri Lankan application.
China has the world's second largest economy and was the fastest growing major economy over the last 30 years. It began economic reforms in 1978 under Deng Xiaoping and now has an annual GDP growth rate around 6%. China is also the largest trading nation, manufacturer, and exporter in the world. Foreign investment in Chinese stocks and bonds has grown significantly in recent years.
People’s Republic of China which was founded in 1949 was in the position of a self-enclosed economy. Together with the economic reforms carried out in 1980s, China has entered into a transition period from socialist system to free market economy. Together with these reforms, China became a member of IMF in 1989 and World Trade Organization in 2001. As a result of these international expansion policies, the country takes the attention with its high growing rates and becomes the focus of the international capital. Especially after the country became a member in World Trade Organization in 2001, foreign trade volume has expanded and foreign direct investment flow is increased. Foreign trade reforms in China are analyzed in this study because of the outstanding growth in Chinese trade in recent years.
This document summarizes a study that compared the trading costs and benefits for Tanzanian small and medium agro-enterprises (SMAEs) trading within the East Africa Community (EAC) and those trading locally in Tanzania. The study found that trading within the EAC provided greater benefits than local trading. However, unstable agricultural export policies, infrastructure problems like road quality, police stops, and other non-tariff barriers hindered smooth regional trade. The study recommended providing more support to SMAEs through improved infrastructure and access to information and financing to help them better tap into the benefits of regional trade.
Impact of Inflation and GDP Of India And the United States on Its Foreign Exc...GurpreetSingh1986
- As various countries are now getting global and are opening their market for foreign companies, various
investors are investing in those countries, which means the demand for currency is increasing, affecting the
currency exchange rate.
In this research paper, the author tries to establish the relation between macroeconomic variables like
Inflation and GDP on the currency exchange rate. The author has collected the secondary data of Inflation rate
and GDP and tries to see its relationship with the currency exchange rate system. The author has used a correlation
and regression model to analyze the relationship between the dependent and independent variables.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
MTBiz is a monthly Market Review produced and distributed by Group R&D, MTB since 2009.
This document provides an overview of key economic indicators in India including the Index of Industrial Production (IIP) and Wholesale Price Index (WPI). It discusses the history and structure of the IIP, noting it measures industrial production compared to a base year. It also explains the WPI measures wholesale price movements weekly across primary articles, fuel, and manufactured goods. The document highlights how these indicators can provide insights into business environment trends and impact stock markets and economic sectors.
This document summarizes a research paper that examines the relationship between trade deficits, foreign direct investment, and economic growth in Rwanda from 2000 to 2015. It finds that trade deficits have a negative long-run impact on economic growth, while foreign direct investment has a positive short-run and long-run impact. The paper uses cointegration and vector error correction models to analyze the data and confirms these relationships statistically. It concludes that Rwanda should continue policies to improve net exports and foreign direct investment to support economic growth.
This document provides an introduction and analysis of time series economic data for selected ASEAN countries from 1980-2014. It includes data on general government consumption, gross fixed capital formation, expenditure on exports, interest rates, inflation rates, nominal and real effective exchange rates, M2 money supply, exports, imports, and GDP for countries like Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Brunei, Cambodia, Laos, and Myanmar. The analysis finds that Indonesia had the highest government consumption and several countries like Indonesia and Vietnam saw increasing exports over time. Interest rates and inflation rates fluctuated over the period for most countries.
Paper on Emerging Economies by Abhishek PandeAbhishek Pande
1. The document discusses financial reforms in emerging Asian economies. It analyzes policies around fiscal consolidation, sustainable growth, and increased economic cooperation within Asia.
2. Key points include the importance of resolving policy uncertainty in advanced economies to support Asian growth, deeper fiscal and financial integration in Europe, and opportunities for greater trade and financial integration within Asia.
3. The paper recommends setting up financial oversight agencies in emerging Asian nations to coordinate regulation and support sustainable development goals in the region.
The Effects of China's membership in WTO on Hong Kong EconomyNAMI TAHERI
The document discusses factors that have contributed to China's economic growth over the past few decades, including high investment and savings rates, market-oriented reforms, Hong Kong's role in facilitating trade and finance, and China's entry into the WTO. While China has experienced significant growth, issues remain such as regional economic disparities, environmental degradation, and political and social challenges.
The document discusses the importance of Micro, Small and Medium Enterprises (MSMEs) in stimulating economic growth in India. MSMEs make up a large portion of India's economy, contributing approximately 45% of manufacturing output and 40% of exports while employing over 80 million people. However, MSMEs face significant challenges accessing funds due to their high risk profile, highlighting the need to explore alternative financing avenues to minimize the demand-supply gap in MSME funding.
Dokumen tersebut membahas tujuh prinsip umum belajar menurut beberapa ahli, yaitu perhatian dan motivasi, keaktifan, keterlibatan langsung, pengulangan, tantangan, balikan dan penguatan, serta perbedaan individual. Dokumen tersebut juga menjelaskan implikasi ketujuh prinsip tersebut bagi siswa dan guru dalam proses pembelajaran.
Irfan mumbaPerformance of Global Stock Market Intgration: Empirical Evidencce...Mohammad Irfan
This document analyzes the performance of stock markets in Brazil, Russia, India, China and South Africa (BRICS) between 2007 and 2013. It discusses the objectives of examining risk, return and correlation between the stock market indices of these countries. It also provides background information on each country's stock market, historical performance data, and their importance and role in global economic growth. The BRICS countries are seen as emerging economies that will be among the largest in the world in the coming decades.
The document discusses the bailout deal reached for Cyprus to avoid exiting the eurozone. Key points:
- Cyprus agreed to restructure its second largest bank, Laiki, dissolving it and transferring guaranteed deposits to the largest bank, Bank of Cyprus, which also faces major restructuring.
- Large depositors in both banks face significant losses of up to 40% of their money. The banking sector will shrink greatly and thousands of jobs will be lost.
- Capital controls will be imposed temporarily on bank withdrawals and cash movements.
- However, Cyprus' debt levels remain very high and its economy will shrink drastically, so it may require further bailouts.
- The deal sets a precedent that worries
The document discusses the impact of globalization on the Indian economy and service sector. It notes that globalization has had a highly positive impact on India's economic growth, reducing poverty and increasing employment, exports, and competitiveness. The service sector is a major contributor to India's social and economic growth, and has grown significantly due to factors like urbanization and privatization. India's GDP growth rate has increased from 5.6% in 1980-1990 to over 8% in some years since the 1990s. India has also improved its global economic position and is now a top exporter of services. However, the document cautions that policies like liberalization and privatization must be properly sequenced and paced to provide safety nets and avoid
This document examines whether the Marshall-Lerner condition holds for Kenya's bilateral trade using dynamic panel data analysis. It finds that Kenya has persistent trade surpluses with Uganda, Tanzania, and Netherlands, but large and persistent deficits with China, UAE, India, Germany, and USA. The study applies unit root and cointegration tests to Kenya's bilateral trade data before using mean group estimation. The results indicate that currency devaluation in Kenya would only improve its trade balance according to the Marshall-Lerner condition when considering its bilateral trade with China, UAE, India, and South Africa. The study thus recommends that Kenya should assess currency devaluation decisions on a bilateral rather than aggregate basis.
Consumer Trends and Expansion of Retail Markets in Growing ASEAN Economies No...Utai Sukviwatsirikul
This document summarizes consumer trends and the expansion of retail markets in growing ASEAN economies. It finds that ASEAN countries are experiencing significant economic growth driven by large populations of young people and growing middle classes. While there are differences between countries, surveys reveal common trends in maturing consumption across major ASEAN cities. The retail markets in Southeast Asia currently exhibit high growth and offer potential for further expansion. However, government policies and infrastructure development present risks that companies must consider when entering these markets.
This document summarizes consumer trends and the expansion of retail markets in growing ASEAN economies. It finds that ASEAN countries are experiencing significant economic growth driven by large populations of young people and growing middle classes. While there are differences between countries, surveys find common trends in maturing consumption across major ASEAN cities. The retail markets in Southeast Asia currently exhibit high growth and offer potential for further expansion. However, government policies and infrastructure development present risks that companies must consider when entering these markets.
The document discusses the potential impacts of de-globalization trends on East Asian economies. It finds that world trade, foreign direct investment, and intra-East Asian trade have significantly contributed to East Asian income per capita and GDP growth based on regression analyses. It concludes that East Asian countries should boost intra-regional trade through agreements like RCEP to compensate for possible stagnation in world trade and maintain economic integration and welfare as de-globalization progresses.
Economic Development in Thailand in detailed point of view.Sanath Dasanayaka
In this report, it is expected to examine the economic and business strategies used by Thailand in the past years in detail and clearly. As well as, here, it is expected to suggest the business strategies used by Thailand for Sri Lankan application.
China has the world's second largest economy and was the fastest growing major economy over the last 30 years. It began economic reforms in 1978 under Deng Xiaoping and now has an annual GDP growth rate around 6%. China is also the largest trading nation, manufacturer, and exporter in the world. Foreign investment in Chinese stocks and bonds has grown significantly in recent years.
People’s Republic of China which was founded in 1949 was in the position of a self-enclosed economy. Together with the economic reforms carried out in 1980s, China has entered into a transition period from socialist system to free market economy. Together with these reforms, China became a member of IMF in 1989 and World Trade Organization in 2001. As a result of these international expansion policies, the country takes the attention with its high growing rates and becomes the focus of the international capital. Especially after the country became a member in World Trade Organization in 2001, foreign trade volume has expanded and foreign direct investment flow is increased. Foreign trade reforms in China are analyzed in this study because of the outstanding growth in Chinese trade in recent years.
This document summarizes a study that compared the trading costs and benefits for Tanzanian small and medium agro-enterprises (SMAEs) trading within the East Africa Community (EAC) and those trading locally in Tanzania. The study found that trading within the EAC provided greater benefits than local trading. However, unstable agricultural export policies, infrastructure problems like road quality, police stops, and other non-tariff barriers hindered smooth regional trade. The study recommended providing more support to SMAEs through improved infrastructure and access to information and financing to help them better tap into the benefits of regional trade.
Impact of Inflation and GDP Of India And the United States on Its Foreign Exc...GurpreetSingh1986
- As various countries are now getting global and are opening their market for foreign companies, various
investors are investing in those countries, which means the demand for currency is increasing, affecting the
currency exchange rate.
In this research paper, the author tries to establish the relation between macroeconomic variables like
Inflation and GDP on the currency exchange rate. The author has collected the secondary data of Inflation rate
and GDP and tries to see its relationship with the currency exchange rate system. The author has used a correlation
and regression model to analyze the relationship between the dependent and independent variables.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
MTBiz is a monthly Market Review produced and distributed by Group R&D, MTB since 2009.
This document provides an overview of key economic indicators in India including the Index of Industrial Production (IIP) and Wholesale Price Index (WPI). It discusses the history and structure of the IIP, noting it measures industrial production compared to a base year. It also explains the WPI measures wholesale price movements weekly across primary articles, fuel, and manufactured goods. The document highlights how these indicators can provide insights into business environment trends and impact stock markets and economic sectors.
This document summarizes a research paper that examines the relationship between trade deficits, foreign direct investment, and economic growth in Rwanda from 2000 to 2015. It finds that trade deficits have a negative long-run impact on economic growth, while foreign direct investment has a positive short-run and long-run impact. The paper uses cointegration and vector error correction models to analyze the data and confirms these relationships statistically. It concludes that Rwanda should continue policies to improve net exports and foreign direct investment to support economic growth.
This document provides an introduction and analysis of time series economic data for selected ASEAN countries from 1980-2014. It includes data on general government consumption, gross fixed capital formation, expenditure on exports, interest rates, inflation rates, nominal and real effective exchange rates, M2 money supply, exports, imports, and GDP for countries like Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Brunei, Cambodia, Laos, and Myanmar. The analysis finds that Indonesia had the highest government consumption and several countries like Indonesia and Vietnam saw increasing exports over time. Interest rates and inflation rates fluctuated over the period for most countries.
Paper on Emerging Economies by Abhishek PandeAbhishek Pande
1. The document discusses financial reforms in emerging Asian economies. It analyzes policies around fiscal consolidation, sustainable growth, and increased economic cooperation within Asia.
2. Key points include the importance of resolving policy uncertainty in advanced economies to support Asian growth, deeper fiscal and financial integration in Europe, and opportunities for greater trade and financial integration within Asia.
3. The paper recommends setting up financial oversight agencies in emerging Asian nations to coordinate regulation and support sustainable development goals in the region.
The Effects of China's membership in WTO on Hong Kong EconomyNAMI TAHERI
The document discusses factors that have contributed to China's economic growth over the past few decades, including high investment and savings rates, market-oriented reforms, Hong Kong's role in facilitating trade and finance, and China's entry into the WTO. While China has experienced significant growth, issues remain such as regional economic disparities, environmental degradation, and political and social challenges.
The document discusses the importance of Micro, Small and Medium Enterprises (MSMEs) in stimulating economic growth in India. MSMEs make up a large portion of India's economy, contributing approximately 45% of manufacturing output and 40% of exports while employing over 80 million people. However, MSMEs face significant challenges accessing funds due to their high risk profile, highlighting the need to explore alternative financing avenues to minimize the demand-supply gap in MSME funding.
Dokumen tersebut membahas tujuh prinsip umum belajar menurut beberapa ahli, yaitu perhatian dan motivasi, keaktifan, keterlibatan langsung, pengulangan, tantangan, balikan dan penguatan, serta perbedaan individual. Dokumen tersebut juga menjelaskan implikasi ketujuh prinsip tersebut bagi siswa dan guru dalam proses pembelajaran.
O documento consiste em uma única linha contendo apenas o valor de R$ 20,00, indicando provavelmente um recibo ou comprovante de pagamento no valor de vinte reais.
El documento presenta calendarios mensuales con los días de la semana para cada mes del año 2014, proporcionando una vista general del calendario anual.
The document presents a pitch deck for OutSpace Business Centre, which aims to provide a flexible working space and support services tailored for female entrepreneurs and mothers. It outlines the problems women face in entrepreneurship like lack of confidence, support and affordable childcare. The target market is women aged 20-59 in Croydon, where only 7% are currently self-employed and there are no women-focused business environments. OutSpace will provide shared working spaces, training rooms, creche facilities, mentoring, networking and other services. It presents financial projections showing the business model will be profitable and an analysis of competitors currently offering more limited online or membership-based support.
Ringkasan dokumen ini memberikan informasi tentang pendekatan konseling behavior yang didasarkan pada hasil eksperimen tentang prinsip-prinsip tingkah laku manusia. Pendekatan ini melihat manusia sebagai individu yang dapat mengontrol dan mempengaruhi perilakunya sendiri serta orang lain melalui proses belajar. Tujuan utama pendekatan ini adalah untuk mengubah perilaku secara spesifik dengan menggunakan teknik seperti desensitisasi
National adaptation plans are being developed in South Asia to address climate change impacts through a coordinated process. The region faces threats from rising temperatures, changing rainfall patterns, and more frequent extreme weather. Previous adaptation efforts have been fragmented and not fully integrated into development planning. National adaptation plans of action provided an initial assessment of urgent needs, but long-term adaptation requires a holistic approach. The process of developing national adaptation plans considers medium and long-term needs, strengthens institutions, and regularly reviews progress through integration into national policies.
Teks tersebut membahas tentang pandangan Alfred Adler mengenai konseling psikologi individual. Adler meyakini bahwa perilaku manusia ditentukan oleh kompleks inferioritas, prinsip superioritas, dan gaya hidup untuk mencapai tujuan. Proses konseling menurut Adler bertujuan membentuk hubungan empati, membantu klien menemukan tujuan, dan memberdayakan klien untuk berubah. Teknik konseling yang digunakan antara lain konfrontasi,
The document summarizes concerns with the Cross-Strait Service Trade Pact between Taiwan and China. It notes that [1] the agreement allows for unequal levels of openness, with Taiwan committing to open more sectors than China. [2] Many service sectors opened by Taiwan are not reciprocally opened by China, threatening Taiwan's tertiary industry. [3] The agreement needs to be renegotiated to promote more balanced openness and protect Taiwan's economic security and development.
El documento habla sobre el tema del universo. Explica brevemente el origen del universo según la Teoría del Big Bang y menciona que el universo lo componen todo sin excepciones. También menciona las galaxias y nuestro sistema solar como parte del universo.
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Session 2 tanaka trade and investment in cambodia
1. 1
Trade and Investment in Cambodia†
Kiyoyasu Tanaka§
November 2016
1. Introduction
On November 9th
in 2016, Cambodia celebrated the 63rd
anniversary of its
independence from the French protectorate. Greeted by a crowd of Cambodians shaking
the national flag with a symbol of the Angkor Wat, King Norodom Sihamoni lit a
ceremonial victory fire at the Independence Monument in Phnom Penh. Since the
independence in 1953, Cambodia has gone through turbulent times, and political
tensions have remained to some extent in recent years. As usual, the ceremony
highlights the national unity among Cambodians. What makes a difference between
1953 and 2016 is that the peaceful society and economic prosperity are found in today’s
Cambodia.
The Cambodian economy has experienced a remarkable economic growth in recent
decades. Agricultural production such as rice, corn, and rubber has been has played a
major role in the Cambodian economy. During the colonial period, economic changes
occurred in foreign trade, transportation, and demography (Chandler, 2008). Since the
independence, the Cambodian government attempted to promote industrialization.
However, the industrial base was completely devastated by the Pol Pot regime in
1975-79, which abolished formal institutions such as schools, private property, and
money. After a decade of civil war, the Paris Conference on Cambodia in 1991 led to
agreements on a comprehensive political settlement of the Cambodia conflict. A
massive foreign aid supported the reconstruction of the Cambodian economy during the
UN period, which set a stage for the subsequent economic growth. During the high
growth period, openness to international trade and foreign direct investment (FDI)
contributed to industrial development in Cambodia (Chhair and Ung, 2013).
The objective of this chapter is to document a pattern of international trade and FDI
in Cambodia. In section 2, I briefly review the Cambodian economy in recent decades.
In section 3, I describe a recent trend in export and import in goods and illustrate the
pattern of exports and imports disaggregated by major partner countries and major
commodities. In section 4, I describe a trend in inward FDI to show the pattern of
†
This paper is written for the project funded by National Taiwan University. I acknowledge the
financial support of JSPS Grant-in-Aid for Young Scientists (B) Grant Number 16K17129. All
remaining errors are my own.
§
Research fellow, Institute of Developing Economies, JETRO; address: 3-2-2 Wakaba, Mihama-ku,
Chiba-shi, Chiba 261-8545, Japan; e-mail: kiyoyasu_tanaka@ide.go.jp
2. 2
inward FDI disaggregated by major home countries and industrial sectors. As the
overall trend in trade and FDI indicates the large role of garment and footwear products,
I describe the garment and footwear sectors in section 5. Specifically, I use the
Cambodian economic census for 2011 to describe the size of these sectors in
manufacturing sectors, followed by describing the pattern of trade and inward FDI in
these sectors. In section 6, I summarize the main findings of trade and investment in
Cambodia and conclude by discussing some issues in the Cambodian economy.
2. A Brief Review of the Cambodian Economy
Cambodia is located in Southeast Asia and shares the borders with Thailand to the
northwest, Vietnam to the east, and Laos to the north. Phnom Penh is the capital of
Cambodia. There are 14,073 villages within 1,621 communes, which are further
clustered by 194 districts in 24 provinces. According to the World Bank, the population
in 2015 was 15.5 million in Cambodia. For a comparison, the population was 67.9
million in Thailand, 91.7 million in Vietnam, and 6.8 million in Laos. In terms of the
population size, Cambodia is much smaller than Thailand and Vietnam, but larger than
Laos. The GDP was 18.05 billion US dollars in Cambodia whereas it was 395.3 billion
US dollars in Thailand, 193.6 billion US dollars in Vietnam, and 12.3 billion US dollars
in Laos. Thus, the economic size in Cambodia is much smaller than Thailand and
Vietnam.
The Cambodian economy experienced a rapid growth for past decades. The GDP
growth rate was 7.0 percent in 2015, and gross national income per capita reached 1,070
US dollars. As of the year 2015, Cambodia attained the lower-middle-income status.
Consequently, poverty has steadily declined in Cambodia, with the poverty rate of 17.7
percent in 2012. However, the majority of the poor lives in rural regions, and
urban-rural gaps increased remarkably through the course of economic development.
Additionally, the World Bank estimates that around 0.5 million children under five are
stunted. 12.3 million people do not have access to piped water. Health and education are
still major issues for the livelihood of Cambodian people.
The agricultural sector has been a large pillar of the Cambodian economy.
According to the agricultural census of Cambodia in 2013, it is estimated that there
were 8.5 million households that maintain agricultural holdings.1
In the north areas
characterized by the hilly uplands and plateau areas, 50 percent of villages collect forest
products. In the south areas along the Gulf of Thailand, 66 percent of villages engage in
1
Agricultural holdings are defined on the basis of minimum cropping area of 0.03 hectare, having at
least 2 large livestock, three head of small livestock, and a minimum of 25 poultry.
3. 3
fishing. 40 percent of villages in the middle area along the Mekong River and Tonle Sap
lake engage in aquaculture.2
In the surrounding areas of Phnom Penh, 40 percent of
villages earn income in more than one job. Additionally, the agriculture is susceptible to
severe weather such as heavy rains and floods in the wet season and drought in the dry
season. Villages hit by flooding and drought tend to experience food insecurity.
Manufacturing and service sectors have developed rapidly and played a crucial role
in the recent growth of the Cambodian economy. In 1990, the share of agriculture in
GDP was 55.6 percent, which decreased to 33.6 percent in 2012. Industry sectors
including mining, manufacturing, utilities, and construction accounted for merely 11.2
percent in 1990, but 22.9 percent in 2012. Service sectors such as wholesale and retail
trade, transport, communications, finance, and public administration explained for 31.7
percent in 1990, and 37.8 percent in 2012 (Hill and Menon, 2014). The major driver of
the industrial development is garment factories, which manufacture wearing apparel and
footwear and contribute to major export products in Cambodia. The garment sector has
grown most rapidly and contributed significantly to an expansion of manufacturing
sectors. Additionally, service sectors such as transportation, telecommunications, and
hotels and restaurants contributed to the growth of service sectors. The hotels and
restaurants are mainly due to a growing number of tourist arrivals, which helped to
increase exports in services (Guimbert, 2010).3
3. International Trade in Goods
In this section, I start to describe international trade in goods in Cambodia. To this
task, I use the UN Comtrade Database – a repository of official trade statistics – to
extract trade statistics reported by Cambodia for the period 2000-2015. While I use the
official trade statistics for my descriptive analysis, the results should be interpreted with
care. As emphasized in Hill and Menon (2014), the official trade statistics in Cambodia
tend to suffer from measurement errors for several reasons, including the inadequate
capacity of statistical collection, commodity misclassification, unrecorded trade flows,
smuggling to evade import tariffs, and so on.4
2 These include provinces such as in Kratie, Siem Reap, and Koh Kong, and Kampong Thom.
3
Inbound tourists to Cambodia have increased rapidly over time from 0.1 million tourists in 1993
up to 4.5 million tourists in 2014. The estimated amount of tourism receipts in Cambodia have
increased from 0.1 billion USD in 1995 up to 2.7 billion USD in 2014 (Cambodian Ministry of
Tourism, 2014)
4
See Hamanaka (2011) for a discussion on measurement issues in trade statistics in Cambodia. For
instance, it is widely considered that a large amount of rice, timber and sand are illegally exported
from Cambodia and not reported as formal export. As a result, export statistics reported by
Cambodia tend to fall short of import statistics reported by, for instance, Vietnam for rice and timber
and by Singapore for sand.
4. 4
Figure 1 shows the aggregate volume of export and import in Cambodia for the
years 2000-2015. The total volume of export increased from 1.38 billion US dollars in
2000 to 8.54 billion US dollars in 2015. The total volume of import also increased from
1.43 billion US dollars in 2000 to 10.6 billion US dollars in 2015. Both export and
import have increased rapidly over time, and the volume of import tends to grow more
rapidly than that of export in recent years. Investigating discrepancies in trade statistics
between Cambodia and partner countries, Hamanaka (2011) finds a relatively small
discrepancy in data on total export from Cambodia. However, data on total import to
Cambodia tend to be largely underestimated. His findings suggest that the volume of
import may have grown much more substantially than that of export in Cambodia.
---Figure 1 here---
To understand the structure of international trade, I disaggregate trade statistics by
major partner countries. Figure 2 shows the volume of export by 6 partner countries
according to the volume of export in 2015: the U.S. (USA), the U.K. (GBR), Germany
(DEU), Japan (JPN), Canada (CAN), and China (CHN). These countries account for
around 62% of total export from Cambodia in year 2015. Note that the vertical axis is
shown in log scale. The U.S. has been the largest destination market for Cambodia’s
export. The export to the U.S. market increased from 750 million US dollars in 2000 to
2,136 million US dollars in 2015. Around a quarter of total export is explained by the
U.S. market. It is followed by the European countries such as the U.K. and Germany.
Additionally, the other major markets include Canada, Japan, and China. The volume of
export to these markets increased substantially between 2000 and 2015.
---Figure 2 here---
Figure 3 presents the volume of import disaggregated by major partner countries:
China (CHN), Thailand (THA), Vietnam (VNM), Hong Kong, China (HKG), Singapore
(SGP), and South Korea (KOR). These countries account for around 76% of total
import to Cambodia in year 2015. China is the largest partner country for import to
Cambodia. The import from China increased from 115 million US dollars in 2000 to
3,926 million US dollars in 2015. Over a quarter of import to Cambodia was explained
by import from China in 2015. Import from neighboring countries such as Thailand and
Vietnam were also substantially large. Hong Kong has been a major import partner for
Cambodia, followed by Singapore and South Korea. However, these results should be
interpreted carefully. Hamanaka (2011) shows large discrepancies between Cambodia’s
imports and trade partners’ exports in the case of Thailand and Vietnam, implying that
import from neighboring countries might have been much larger than the volume of
import in official trade statistics.
5. 5
---Figure 3 here---
I turn to examine the major commodities in Cambodia’s trade statistics. Table 1
presents the major export goods in Cambodia for years 2000 and 2015. In both years,
the largest commodity is apparel, accessories, knit or crochet. The volume of export in
these commodities increased from 849 million US dollars in 2000 to 5,550 million US
dollars in 2015. Together with other commodities in footwear, gaiters, apparel and
clothing accessories (not knit or crochet), the volume of export in garment and footwear
amounted to 6.5 billion US dollars in 2015. These commodities accounted for around 61
percent of total export in 2015. Among these commodities, the volume of export in
footwear and gaiters increased substantially from 28.8 million US dollars in 2000 to 637
million US dollars in 2015. Additionally, the volume of export in electrical machinery
and vehicles and parts increased substantially in 2015, which were not major export
commodities in 2000.
---Table 1 here---
Table 2 shows the major import goods in Cambodia for years 2000 and 2015.
Knitted or crocheted fabrics are the largest commodity imported to Cambodia, which
increased from 131 million US dollars in 2000 to 1984 million US dollars in 2015. The
import of manmade staple fibres also increased from 228 million US dollars in 2000 to
962 million US dollars in 2015. As these commodities are used to manufacture apparel,
clothing accessories, and footwears, the large import volume of these commodities is
consistent with the large export volume of garment and footwear commodities.
Additionally, an import of vehicles and parts and accessories increased substantially
from 73.8 million US dollars in 2000 to 1,148 million US dollars in 2015.
---Table 2 here---
Taken together, a pattern of international trade in goods can be summarized as
follows. First, both export and import in Cambodia have increased substantially in
recent periods. Given that the volume of import may be underestimated in trade
statistics reported by Cambodia, the growth of import tends to exceed the growth of
export. Overall, the Cambodian economy tend to import from foreign markets more
than export to foreign markets. Second, major export partners are mainly developed
countries including the U.S., the U.K., Germany, Japan, and so on. Major import
partners include mostly East Asian countries including China, Thailand, Vietnam, Hong
Kong, and so on. These patterns suggest that Cambodia import mainly from proximate
Asian countries and export to high-income markets. Finally, fabrics and manmade staple
fibres are the major import commodities whereas apparels, clothing, and footwear are
the major export commodities. These patterns support the large presence of garment
6. 6
sector in Cambodia, in which fabrics and manmade staple fibres are processed to
manufacture and export garment and footwear.
4. Inward Foreign Direct Investment
This section describes a recent trend in inward FDI activity in Cambodia. In general,
FDI is an investment made by a resident in one country for a purpose of long-term
management of the business enterprise in another country. By making FDI, a parent
firm in one country holds more than 10 percent of the voting shares of the enterprise in
another country to significantly manage and control the enterprise.5
Thus, data on
inward FDI sheds light on the role of foreign-owned firms in the Cambodian economy.
To this task, I use the UNCTAD FDI/TNC database, which are based on the data
sources from the National Bank of Cambodia. Figure 4 presents a trend in the aggregate
volume of inward FDI stock for periods 2001-2012. The FDI stock increased
substantially from 1.7 billion US dollars in 2001 to 7.8 billion US dollars in 2012.
During these periods, the FDI stock in Cambodia increased by almost 350 percent,
suggesting the substantial growth of economic activity by foreign-owned firms. In
addition to the rapid growth of international trade, the rapid growth of inward FDI
activity is a crucial feature of the Cambodian economy in recent decades.
---Figure 4 here---
To describe an origin country of foreign investors, Figure 5 presents inward FDI
stock in Cambodia disaggregated by major home countries. In 2012, China is the largest
home country of inward FDI stock in Cambodia. FDI stock by Chinese investors
increased from 89 million US dollars in 2001 to 1,408 million US dollars in 2012,
implying that their FDI stock increased by over 1,400 percent. Malaysia is the second
major home country and its FDI stock increased from 406 million US dollars in 2001 to
990 million US dollars in 2012. In early 2000s, the FDI stock by Malaysia exceeded
that by China. However, the growth of FDI stock by Malaysia has been more moderate
than that of FDI stock by China. Additionally, other major home countries include South
Korea, Vietnam, Taiwan, and Thailand. Thus, the home countries of FDI in Cambodia
are mainly East Asia, and neighboring countries such as Thailand and Vietnam also
increased FDI stocks significantly.
---Figure 5 here---
I turn to describe major sectors of foreign investors in Cambodia. Since sectoral
composition is not provided in the UNCTAD FDI/TNC database, I use data on
investment projects by foreign investors from the Council for the Development of
5
See UNCTAD (2009) for a comprehensive review of FDI statistics.
7. 7
Cambodia (CDC). The data include investment projects approved by the CDC to grant
investment incentives such as corporate tax exemption. If investment projects by
foreign investors are not applied to the CDC for investment incentives, such investment
projects are not included in the CDC’s statistics on FDI projects. Thus, the data on FDI
projects from the CDC should be viewed as approximately representing the major FDI
projects in Cambodia.
Figure 6 shows the number of FDI projects aggregated over major sectors for years
2003-2014: agriculture, mining, garment, other manufacturing, services, and tourism.
Among these sectors, a garment sector is the largest in the number of FDI projects in
recent years. The total number of garment projects in these periods is 597. Additionally,
there has been the relatively large number of FDI projects in other manufacturing and
agricultural sectors. Note that the agriculture sector includes agro-industry, plantation,
animal farming, and rubber.
---Figure 6 here---
Taken together, my descriptive analysis shows that inward FDI in Cambodia has
grown substantially in recent decades. Major foreign investors come from East Asian
countries including China, Malaysia, Korea, and Taiwan. There has been a growing
volume of FDI inflows from neighboring countries such as Thailand and Vietnam.
Across sectors, a garment sector is the largest in the number of FDI projects, followed
by other manufacturing and agriculture.
5. The Case of Garment Industry
My discussions up to this point focuses primarily on overall patterns of international
trade and inward FDI. The results indicate that a garment industry plays a significant
role in accounting for trade and investment in Cambodia. In this section, I shed further
light on the characteristics of Cambodia’s garment industry by describing the industrial
structure, a trend in garment factories, and international trade in garment products.
5.1. The Industrial Structure
To describe the industrial structure, I use the Economic Census of Cambodia in 2011
(EC2011). The purpose of EC2011 is to survey economic activities of all the nonfarm
establishments and enterprises over the entire territory of Cambodia. The survey was
mainly funded by Japanese Official Development Assistance and implemented by the
National Institute of Statistics (NIS), the Cambodian Ministry of Planning, in
cooperation with the Japan International Cooperation Agency. The census enumeration
was conducted during March 2011 to survey all the establishments and enterprises,
8. 8
including the street vendors that operate at a fixed location but can move.6
To collect
the data, census enumerators visit each establishment to interview its representative
and/or owner. Through face-to-face interviews, the enumerators fill out the
questionnaire for each establishment. The NIS collects all the questionnaires for data
input and check data consistency by comparing two data files that are created separately
by two data-input operators.
Table 3 presents the economic indicators of garment industries in Cambodia for
February 2011. Garment industries are disaggregated by textiles, wearing apparel, and
leather and footwear sectors. For a comparison, I show the figures in the total garment
industry and aggregate manufacturing industry. The number of establishments was
71,416 in manufacturing and 25,155 in the garment industry. The total sales were 53.4
million US dollars in manufacturing and 17.8 million US dollars in the garment industry.
Additionally, the total expenses were 41.1 million US dollars in manufacturing and 13.9
million US dollars in the garment industry. These figures suggest that the garment
industry accounted for one third of manufacturing activity.
---Table 3 here---
The garment industry plays a larger role in terms of wages and employment. Total
wages were 6.5 million US dollars in manufacturing and 4.1 million US dollars. 63.8
percent of wages in manufacturing were generated in the garment industry. On the other
hand, there were 530,341 workers in manufacturing and 374,338 workers in the garment
industry. 70.6 percent of manufacturing employment was explained by the garment
industry. Moreover, the role of garment industry is larger in terms of regular employees
and female employment. The garment industry accounted for 83.8 percent of regular
employees in manufacturing and 85.1 percent of female employment in manufacturing.
Taken together, these figures indicate the substantial role of garment industry in the
Cambodian industrialization.
Among the garment industry, wearing apparel sector is the largest, followed by
textiles sector and leather and footwear sector. The number of establishments were
15,958 in wearing apparel, 8,919 in textiles, and 278 in leather and footwear. The
number of workers was 294,433 in wearing apparel, 39,041 in textiles, and 40,864 in
leather and footwear. These figures suggest that the average employment size was 147
workers in leather and footwear, 18 workers in wearing apparel, and 4 workers in
textiles. The factories for wearing apparel and footwear were large in employment size
6
The survey does not cover the establishments classified into (1) agriculture, forestry, and fishing,
(2) public administration and defense, (3) activities of households as employers, (4) activities of
extraterritorial organizations and bodies, and (5) mobile establishments such as a bike taxi and a
street peddler.
9. 9
and operated at a large scale.
5.2. FDI and Global Value Chains in Textiles and Garments
Discussions up to this point highlights the prominence of garment sectors in the
Cambodian economy. I proceed to describe the characteristics of the Cambodia’s
garment industry. To this end, there has been a growing literature to examine the
Cambodia’s garment industry such as Bargawi (2005), Asuyama et al. (2013), Asuyama
and Neou (2014), and ILO (2015). These previous works provide a comprehensive
analysis of the garment industry and policy issues. Drawing on these works, I describe
the two key features of the industry: foreign-owned manufactures as a major player and
labor-intensive tasks in a global value chain as a major economic motive.
The first feature is the prominent role of foreign-owned garment manufactures.
Describing the origins of garment industry, Bargawi (2005) explains that silk and cotton
were produced to manufacture garments in Cambodia during the French colonial rule
and industrial production of textiles started after the independence from France. Such an
industrial base was devastated during the periods of the Khmer Rouge and subsequent
civil war. Since the Paris Peace Accords in 1991 set a stage for the reconstruction of the
Cambodian economy, foreign investors started to build and operate export-oriented
garment factories since the mid-1990s.
To document such an observation, I use data on factory registration by the
Cambodian Ministry of Industry and Handicraft. Using a sample of garment factories
after the year 1995, I show the number of registered garment factories disaggregated by
major home countries in Figure 7. Note that Cambodian-owned garment factories
(KHM) are also included in the figure.7
Since the mid-1990s, there has been an increase
in garment factory registrations from home countries such as China (CHN), Taiwan
(TWN), South Korea (KOR), and Hong Kong (HKG). In particular, the garment factory
registrations from China, Taiwan, and South Korea have increased substantially in
recent decades. Factory registrations from Japan only started to increase in recent years.
As compared with the Cambodian-owned garment factories, foreign-owned garment
manufactures have played a dominant role in the recent expansion of garment sectors.
---Figure 7 here---
The second feature is that garment manufactures in Cambodia tend to engage in
labor-intensive tasks such as cutting, trimming, and making yarns and fabrics into final
apparel products. While garment products were increasingly exported to high-income
markets such as the U.S., Europe, and Japan, these manufactures mainly import
7
These may include factories jointly owned by Cambodian and foreign partners.
10. 10
materials such as textiles and fabrics. As a result, wage payments to local unskilled
workers are a main component of local value added. Garment factories recently started
to purchase locally produced materials such as cardboard boxes, but their backward
linkage to local industries appears to remain limited (Hatsukano and Tanaka, 2014).
Production processes in Cambodia generate relatively low value added in terms of a
global value chain in textile and garment production.
To illustrate the dependence of garment production on imported materials in
Cambodia, Figure 8 shows the volume of import in fabrics from major partner countries.
I use the UN Comtrade database and focus on Cambodia’s import in knitted or
crocheted fabrics. In early 2000s, China (CHN), Malaysia (MYS), and Hong Kong
(HKG) are the major exporters of fabrics to Cambodia. In particular, the import from
China increased substantially over time. In recent years, the volume of import in fabrics
rapidly increased from countries such as Vietnam (VNM), South Korea (KOR), and
Thailand (THA). A growing import volume of fabrics from East Asian markets is
consistent with the growing number of garment factories in Cambodia originating from
similar East Asian home countries.
Finally, I describe a trend in export of garment products by major partner countries
using the UN Comtrade Database. In this task, I focus on exported good in apparel and
clothing accessories. Consistent with the trend in aggregate exports, North American
markets such as the U.S. (USA) and Canada (CAN) are the largest export market for
garment products in Cambodia, followed by the major European markets including the
U.K. (GBR), Germany (DEU), and Spain (ESP). Additionally, the volume of export in
garments to Japan (JPN) increased substantially from 2000 to 2015.
6. Conclusion
The Cambodian economy has experienced a remarkable economic growth in recent
decades. As international trade and inward FDI contributed to industrial development in
Cambodia, this chapter sheds light on recent trends in international trade and inward
FDI. Both export and import in Cambodia have increased substantially in recent periods,
and the growth of import tends to exceed the growth of export. Major export partners
are mainly developed countries including the U.S., the U.K., Germany, Japan, and so on.
Major import partners include mostly East Asian countries including China, Thailand,
Vietnam, Hong Kong, and so on. Fabrics and manmade staple fibres are the major
import commodities whereas apparels, clothing, and footwear are the major export
commodities. Additionally, inward FDI in Cambodia has grown substantially in recent
decades. Major foreign investors come from East Asian countries including China,
11. 11
Malaysia, Korea, and Taiwan. There has been a growing volume of FDI inflows from
neighboring countries such as Thailand and Vietnam. Across sectors, a garment sector is
the largest in the number of FDI projects, followed by other manufacturing and
agriculture.
By opening up to international trade and foreign investors, Cambodia has made a
remarkable progress in its industrialization. While the industrial development has
certainly contributed to the rapid growth of the Cambodia economy, there remain a
number of issues in terms of sound economic development. First, the informal sector, as
measured by unregistered non-farm business establishments, has been substantially
large and possibly grown more rapidly than the formal sector. Tanaka and Keola (2017)
show that 96.6 percent of establishments do not formally register with the government,
and their sales accounted for 76.6 percent of total sales in 2011. Estimating past sales in
the formal and informal sectors from changes in nighttime light for 1993-2010, they
find that a share of estimated sales in the informal sales increased from 68.8 percent in
1993 to 76.6 percent in 2011. Because informal businesses tend to avoid formal tax
burden and distort fair competition in a local market, the formalization of business
establishments is a crucial policy issue.
Second, a potentially growing share of informal businesses suggests that the formal
sector has not grown rapidly enough to provide formal employment opportunities for
the growing labor force in Cambodia. According to the World Development Indicator by
the World Bank, the annual growth rate of population is over 2.3 percent during the
period 1990-2011. While a supply of workers has increased substantially, a number of
new workers do not find an employment in the formal sector, and thus seek jobs in the
informal sector. Additionally, a shortage of educated entrepreneurs explains partly an
insufficient expansion of formal-sector employment to absorb the growing number of
new workers.
Third, there appears to be no substantial improvements in governance and
institutions in Cambodia to support the sound growth of formal businesses in
industrialization processes (Hill and Menon, 2013). According to the Worldwide
Governance Indicators by the World Bank, the control of corruption indicator shows the
extent to which public power is exercised for private gain, which ranges from -2.5
(weak) to 2.5 (strong). This indicator for Cambodia deteriorated from -0.96 in 1996 to
-1.22 in 2011. The regulatory quality indicator indicates the ability of the government to
provide sound policies and regulations for private sector development. This indicator
also deteriorated from -0.05 in 1996 to -0.57 in 2011. While the political stability in
recent decades supports the rapid growth of industrial activities, low institutional quality
12. 12
deters sound transformation of industrial activities.
Finally, it should be emphasized that economic liberalization and global integration
have contributed not only to reduce poverty but to increase income inequality in
Cambodia. From a political-economy point of view, Hughes and Un (2011) discuss a
wide range of examples in which economic and political elites benefit
disproportionately during the post-conflict period. A deep relationship between politics
and businesses in Cambodia blurs a distinction between private business and public
regulation, which consequently may distort resource allocation severely.
Patronage-client connections can deteriorate a market mechanism in which more
productive business firms gain a larger market share, leading to an improvement in
industrial productivity. For instance, a minister may receive a consultation fee from a
firm over which the minister is supposed to supervise (Ear, 2011). A person connected
to the ruling elite in the government acquires land held by villagers in rural area and
influence the court to addresses land disputes in favor of the ruling elites (Cock, 2011).
The rushed passage of a Land Law in 1992 contributed to exacerbate land grabbing by
civilian government officials and members of the armed forces, which afflict rural poor
farmers (So, 2011). These examples are a tip of icebergs in the Cambodian society and
certainly increase social costs for sound economic development.
13. 13
References
Asuyama, Yoko, Chhun, Dalin, Fukunishi, Takahiro, Neou, Seiha, and Yamagata, Tatsufumi, 2013.
Firm dynamics in the Cambodian garment industry: firm turnover, productivity growth, and
wage profile under trade liberalization. Journal of the Asia Pacific Economy, 18 (1), 51-70.
Asuyama, Yoko, Neou, Seiha, 2014. Cambodia: growth with better working conditions. In Fukunishi,
T. and Yamagata, T. (Eds.), The Garment Industry in Low-Income Countries (pp. 38-76).
Hampshire: Palgrave Macmillan.
Bargawi, Omar, 2005. Cambodia’s garment industry – origins and future prospects. ESAI Working
Paper No. 13, Overseas Development Institute, London.
Chandler, David, 2008. A History of Cambodia. Bangkok: Westview Press.
Chhair, Sokty, and Ung, Luyna, 2013. Economic history of industrialization in Cambodia. WIDER
Working Paper 2013/134. Helsinki: UNU-WIDER.
Cock, Andrew R., 2011. The rise of provincial business in Cambodia. In Hughes, C., and Un, K.
(Eds.), Cambodia’s Economic Transformation (pp. 27-49). Copenhagen: NIAS Press.
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NIAS Press.
14. 14
Tanaka, Kiyoyasu, Souknilanh, Keola, 2017. Shedding light on the shadow economy: a nighttime
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Volume I: FDI Flows and Stocks. Geneva: United Nations.
15. 15
Figure 1. The Volume of Export and Import
Source: UN Comtrade Database (accessed as of October 25th 2016)
Figure 2. The Volume of Export by Major Partner Countries
Note: The vertical axis is shown in log scale.
Source: UN Comtrade Database (accessed as of October 25th 2016)
16. 16
Figure 3. The Volume of Import by Major Partner Countries
Note: The vertical axis is shown in log scale.
Source: UN Comtrade Database (accessed as of October 25th 2016)
Figure 4. Inward FDI Stock in Cambodia
Source: UNCTAD FDI/TNC database, the National Bank of Cambodia.
17. 17
Figure 5. Inward FDI Stock in Cambodia by Major Home Countries
Source: UNCTAD FDI/TNC database, the National Bank of Cambodia.
Figure 6. The Number of FDI Projects in Cambodia by Sector
Source: The Council for the Development of Cambodia
18. 18
Figure 7. The Number of Registered Garment Factories by Major Home Countries
Source: The Cambodian Ministry of Industry and Handicraft
Figure 8. The Volume of Import in Fabrics by Major Partner Countries
Note: The vertical axis is shown in log scale.
Source: UN Comtrade Database (accessed as of October 25th 2016)
19. 19
Figure 9. The Volume of Export in Garments by Major Partner Countries
Note: The vertical axis is shown in log scale.
Source: UN Comtrade Database (accessed as of October 25th 2016)
20. 20
Table 1. The Major Commodities of Export in Cambodia
Year 2000 Year 2015
Rank Commodity Export Commodity Export
1
Apparel, accessories, knit or
crochet
840.72
Apparel, accessories, knit or
crochet
5550.19
2
Printed books, newspapers,
pictures
272.41 Footwear, gaiters 637.00
3
Apparel and clothing accessories
(not knit or crochet)
121.85
Apparel and clothing
accessories (not knit or crochet)
366.28
4 Wood, wood charcoal 34.60
Electrical machinery and
equipment and parts
321.29
5 Rubber 32.49 Cereals 285.64
6 Footwear, gaiters 28.83
Vehicles and parts and
accessories
281.29
7 Headgear 7.42 Fur skins and artificial fur 166.12
8
Fish, crustaceans, molluscs,
aquatic invertebrates
5.99 Rubber 163.34
9
Pearls, precious stones, metals,
coins
5.96 Leather, saddlery and harness 95.84
10
Other made textile articles, sets,
worn clothing
5.47
Other made textile articles, sets,
worn clothing
86.06
Note: Export is in millions of USD.
Source: UN Comtrade Database (accessed as of October 25th 2016)
21. 21
Table 2. The Major Commodities of Import in Cambodia
Year 2000 Year 2015
Rank Commodity Import Commodity Import
1 Manmade staple fibres 228.61 Knitted or crocheted fabrics 1984.80
2
Mineral fuels, oils, distillation
products
182.78
Vehicles and parts and
accessories
1147.97
3 Knitted or crocheted fabric 131.48 Man-made staple fibres 962.59
4 Nuclear reactors, boilers, machinery 104.54
Nuclear reactors, boilers,
machinery
670.41
5 Tobacco 77.03
Pearls, precious stones, metals,
coins
599.11
6 Vehicles and parts and accessories 73.85
Electrical machinery and
equipment and parts
512.19
7 Electrical, electronic equipment 54.80 Cotton 380.96
8
Other made textile articles, sets,
worn clothing
47.71 Plastics 317.80
9 Pharmaceutical products 40.70 Paper, paperboard, pulp 242.48
10 Paper, paperboard, pulp 36.86 Tobacco 235.70
Note: Import is in millions of USD.
Source: UN Comtrade Database (accessed as of October 25th 2016)
22. 22
Table 3. The Garment Industry in February 2011
Garment Industry
Manufacturing
Textiles
Wearing
Apparel
Leather,
Footwear
Total
Number of establishment 8,919 15,958 278 25,155 71,416
(12.5) (22.3) (0.4) (35.2)
Sales (mil. USD) 2.53 14.35 0.96 17.84 53.40
(4.7) (26.9) (1.8) (33.4)
Expenses (mil. USD) 1.93 11.11 0.86 13.90 41.18
(4.7) (27.0) (2.1) (33.8)
Wages (mil. USD) 0.47 3.41 0.28 4.16 6.51
(7.2) (52.3) (4.3) (63.8)
Employment 39,041 294,433 40,864 374,338 530,341
(7.4) (55.5) (7.7) (70.6)
Self-employed proprietors 8,814 15,673 240 24,727 70,653
(12.5) (22.2) (0.3) (35.0)
Unpaid family workers 5,848 10,164 203 16,215 61,723
(9.5) (16.5) (0.3) (26.3)
Regular employees 24,379 268,596 40,421 333,396 397,965
(6.1) (67.5) (10.2) (83.8)
Female employment 31,822 260,783 37,942 330,547 388,586
(8.2) (67.1) (9.8) (85.1)
Notes: Figures are measured for February 2011: parenthesis shows a percentage share of each sector
in the aggregate manufacturing sector; expenses include purchases of products, costs for providing
services, rents and employees' wages.
Source: The Economic Census 2011