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					                                                                                                                    ISSN 1810-6358




            viTüasßanbNþúHbNþal nig RsavRCavedIm,IGPivDÆn_km<úCa
                       CDRI—Cambodia’s Leading Independent
                        Development Policy Research Institute




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

                                        mkra 2010 ¼ January 2010
                                              RsIu bu)öar½tñ ¼ Sry Bopharath
                                           saMg c½nÞhgS ¼ Saing Chan Hang
                                               b:un dUrINa ¼ Pon Dorina

                                       bkERbeday³ yU siT§IriT§ nig v:a vNѳ


                                                      PñMeBj km<úCa
                                    Phnom Penh, Cambodia

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                                                                      Cambodia Economic Flash Report –January 2010
                    karbkRsaytaragsMxan;²                                               Highlights

r)aykarN_enH bkRsayBIsUcnakresdækic©sMxan;²mYycMnYnsRmab;          This report describes some of the key economic
km<úCa nigbNþaRbeTsédKUBaNiC¢kmµcMbg² .                            indicators for Cambodia and its main trading partners.

enARtImasTI3 qñaM2009 GnumtivinieyaKKitCaRTBüskmµCab;lab;          In the third quarter of 2009, total fixed asset investment

kñúgvis½ykat;edr)anFøak;mkRtwm 21/9landuløar EdlCakarFøak;cuH      approvals for garments dropped to USD21.9 m, a fall of
                                                                   37 percent compared with previous quarter and 30
37° eFobnwgRtImasmun nig 30° eFobnwgRtImasdUcKña kalBIqñaM
                                                                   percent compared with the same quarter of the previous
2009 .                                                             year.
kñúgExkBaØa GnumtiKeRmagsagsg;enAPñMeBj ekIn 100° mkdl;            In September, Phnom Penh construction approvals
20/5landuløar eFobnwgExmun edaysarGnumtiKeRmagsagsg;pÞH            increased to USD20.5 m, up 100 percent compared with

nigPUmiRKwH ekIn 2/5dg mkdl; 11/5landuløar nigpÞHElVg ekIn         the preceding month. The upturn was due to a growth of
                                                                   villas and houses by 2.5 times to USD11.5 m and flats
1/7dg mkdl; 4/0landuløar . GnumtiKeRmagsagsg;epSg²                 by 1.7 times to USD4.0 m. Other construction
eTot Føak;cuH 6/8° mkRtwm 5/0landuløar .                           approvals declined by 6.8 percent to USD5.0 m.
kñúgExvicäika cMnYnePJóvbreTssrubmkdl;km<úCa ekIn 21° mkdl;        In November, total foreign visitor arrivals escalated by

184>322nak; eFobnwgExmun . cMnYnePJóvmksRmaklMEh ekIn              21 percent compared with previous month, to 184,322.
                                                                   Holiday arrivals rose by 20 percent to 167,737, business
20° mkdl; 167>737nak; rIÉePJóvmkeFVICMnYj ekIn 23°
                                                                   arrivals by 23 percent to 12,584 and other arrivals by 29
mkdl; 12>584nak; ehIyePJóvmkdl;epSg²eTot ekIn 29°                  percent to 4001.
mkdl; 4001nak; .                                                   In November, year-on-year inflation in Phnom Penh

kñúgExvicäika GRtaGtiprNaBImYyqñaMeTAmYyqñaMenAPñMeBj KW 1/3° .    was 1.3 percent. Increases in food and non-alcoholic
                                                                   beverages were 1.6 percent, clothing and footwear 2.1
éfømðÚbGahar nigePsC¢³KµanCatiRsa ekIn 1/6° éføsMelokbMBak;
                                                                   percent, household furnishings and other operations 3.6
nigRTnab;eCIg ekIn 2/1° cMNaydMeNIrkarkñúgRKYsar ekIn 3/6°         percent, health 5.3 percent, transportation 2.2 percent,
karEfTaMsuxPaB ekIn 5/3° esvadwkCBa¢Ún ekIn 2/2° karlMEh           recreation and culture 0.1 percent and education 8.9
kMsanþnigvb,Fm’ ekIn 0/1° nigkarGb;rM ekIn 8/9° . kareRbIR)as;     percent. Housing and utilities was -5 percent and
esvaepSg²enApÞH KW -5° nigTUrKmnaKmn_ KW -7/4° .                   communications -7.4 percent.
                                                                   In December, compared with the preceding month, the
kñúgExFñÚ eFobnwgExmun R)ak;erolFøak;éfø 0/17° Tl;nwgR)ak;duløar   value of riel depreciated by 0.17 percent against the US
Gaemrik nig 0/1° Tl;nwgR)ak;)atéf ehIyenAéføefr Tl;nwg             dollar and the value of riel against the Thai baht by 0.1
R)ak;dugevotNam edaybþÚr)an 4162/2erol¼duløarGaemrik               percent,   while   the   Vietnamese     dong    remained

126erol¼)at nig 22/6erol¼100dug .                                  unchanged against the US dollar. The riel traded at
                                                                   4162.2/USD, 126/baht and 22.6 per 100 dong.

kñúgExtula GRtakarR)ak;elIR)ak;beBaØIFnaKarCaerol kñúgry³eBl       In October, the 12-month interest rate on riel bank
                                                                   deposits was 6.6 percent; a smaller decline of 0.26
12Ex KW 6/6° nigelIR)ak;beBaØIFnaKarCaduløar KW 4/0° EdlCa         percent and on dollar deposits was 5.6 percent, a
GRtaFøak;cuHtictYc 0/26° nig 0/24° eFobnwgExmun .                  smaller decline of 0.24 percent than the previous month.
RTBüskmµbreTssuT§ ekIn 3/4° eFobnwgExmun ehIy\NTan                 Net foreign assets grew 3.4 percent from previous
dl;vis½yÉkCn ekIn 0/8° . R)ak;beBaØIrdæaPi)al rYmcuH 2/0° .        month, and private sector credit rose by 0.8 percent.
                                                                   Government deposits shrank by 2.0 percent.
kñúgExFñÚ saMg eLIgéfø 1/1° mkdl; 3984erol¼lIRt nigm:as‘Ut         In December, the price of gasoline rose by 1.1 percent




                                                                    Cambodia Development Resource Institute – Page 2
                                                                       Cambodia Economic Flash Report –January 2010
eLIgéfø 0/25° mkdl; 3399erol¼lIRt . enAkñúgExFñÚenHEdr              to KHR3984/ℓ and diesel by 0.25 percent to
                                                                    KHR3399/ℓ. The price of rice in four provinces
GgárFøak;éføtictYcenAkñúgextþcMnYn 4 KW )at;dMbg ¬2/0°¦ kMBg;s<W    dropped slightly in December: in Battambang and
¬2/0°¦ kMBg;cam ¬3/8°¦ nig kMBt ¬2/2°¦ ehIyenAéfø                   Kompong Speu by 2.0 percent, Kompong Cham by 3.8
efrenAesomrab b:uEnþeLIgéfø 2/0° enAsVayerog . sac;RCUk             percent, Kampot by 2.2 percent, while remaining
Føak;éfø 3/0° enA)at;dMbg 1/4° enAkMBg;cam nig 2/8° enAkMBt         unchanged in Siem Reap. In Svay Rieng, it rose 2.0

ehIyenAéføefrenA kMBg;s<W esomrab nigsVayerog . RtIFøak;éfø         percent. The price of pork in Battambang went down
                                                                    3.0 percent, Kompong Cham 1.4 percent and Kampot
13° enAkMBg;cam nig 10° enAkMBt nigesomrab b:uEnþeLIgéfø
                                                                    2.8 percent, while it was stable in Kompong Speu, Siem
5/0° enA)at;dMbg 14° enAkMBg;s<W nig 30° enAsVayerog .              Reap and Svay Rieng. The price of fish in Kompong
                                                                    Cham declined by 13 percent and in Kompot and Siem
kñúgExvicäika GgárenATIpSaréf eLIgéfø 11° mkdl; 680duløar¼etan      Reap by 10 percent, while it rose in Battambang by 5.0
                                                                    percent, Kompong Speu by 14 percent and Svay Rieng
ekAs‘U eLIgéfø 18° edaylk;éfø 1983duløar¼etan ehIyeBat
                                                                    by 30 percent.
nigplitpleFVIBIeBat eLIgéfø 18° mkdl; 222duløar¼etan .              In November, rice in the Thai market moved up by 11
enATIpSarevotNam Ggár eLIgéfø 6/7° mkdl; 423duløar¼etan             percent to USD680/tonne and rubber, maize and maize
ehIyekAs‘UeLIgéfø 8/6° mkdl; 2000duløar¼etan cMENkÉ                 products by 18 percent to USD1983/tonne, and to
RKab;sVaycnÞIFøak;éfø 2/2° mkRtwm 5133duløar¼etan .                 USD222/tonne. Rice in the Vietnamese market rose by
                                                                    6.7 percent to USD423/tonne, rubber by 8.6 percent to
                                                                    USD2000/tonne, while cashew nuts dropped 2.2 percent
kñúgExvicäika GRtaGtiprNaBImYyqñaMeTAmYyqñaMenAshrdæGaemrik KW      to USD5133/tonne.
1/8° tMbn;GWr:U 0/5° cin 0/6° hugkug 0/5° nigkUer:xagt,Úg           In November, year-on-year inflation in the USA was
2/4° b:uEnþenACb:un KW -1/9° rIÉenAm:aeLsIu KW -0/1 sigðburI -0/2   1.8 percent, euro zone 0.5 percent, China 0.6 percent,
nigéf 1/9 .                                                         Hong Kong 0.5 percent and South Korea 2.4 percent,
                                                                    while in Japan was -1.9 percent. In Malaysia it was -0.1
                                                                    percent, Singapore -0.2 percent and Thailand 1.9
kñúgExFñÚ eFobnwgExmun R)ak;v:unkUer:Føak;éfø 0/2° Tl;nwgduløarUS   percent.
Éduløarhugkug Føak;éfø 0/02° . R)ak;ey:nCb:un Føak;éfø 0/7°
                                                                    In December, compared with preceding month, the
R)ak;GWr:U 2/0° nig duløarsigðburI 0/5° Tl;nwgR)ak;duløarUS
                                                                    Korean won depreciated by 0.2 percent against the US
RsbeBlEdl R)ak;)atéfeLIgéfø 0/18° .                                 dollar, and the Hong Kong dollar depreciated by 0.02
                                                                    percent. The Japanese yen depreciated by 0.7 percent,
kñúgExtula enAelITIpSarBiPBelak sENþkesog eLIgéfø 2/5°              euro by 2.0 percent and Singapore dollar by 0.5 percent
mkdl; 394duløar¼etan eBateLIgéfø 3/8° mkdl;                         against the US dollar, while the baht appreciated by
172duløar¼etan nig eRbgqaeLIgéfø 6/6° mkdl;                         0.18 percent.

725duløar¼etan .                                                    In October, the price of soybeans in the world market
                                                                    increased by 2.5 percent to USD394/tonne, maize by
                                                                    3.8 percent to USD172/tonne, and palm oil by 6.6
  ú
kñgExvicäka enAelITIpSarBiPBelak eRbgeqA eLIgéfø 7/2° mkdl;         percent to USD725/tonne.
76/4duløar¼Fug saMgeLIgéfø 5/5° mkdl; 50/8esn¼lIRt                  In November, the world market price of crude oil went
               U
ehIyeRbgm:as‘teLIgéfø 4/8° mkdl; 52esn¼lIRt .                       up 7.2 percent to USD76.4/barrel, gasoline by 5.5
                                                                    percent to USD cents 50.8/ℓ and diesel 4.8 percent to
                                                                    USD cents 52/ℓ.




                                                                    Cambodia Development Resource Institute – Page 3
                                                                                                                                                 Cambodia Economic Flash Report –January 2010
skmµPaBesdækic©sMxan;² nig éføTMnijenAkm<úCa
                                  Main Economic Activities and Consumer Prices in Cambodia
           Fixed Asset Investment Approvals by CDC:                                                                                                           Foreign Visitor Arrivals
                         Garment Sector                                                                                                                    September 2008–November 2009
                        2007 Q1–2009 Q3
                                                                                                                                               250
            80                                                                                                                                                                                                                 Other
                                                                                                                                                                                                                               Business
            70
                                                                                                                                               200
                                                                                                                                                                                                                               Holiday
                                                                                                                                                                           20                                                                                  4
            60




                                                                                                                               000' persons
                                                                                                                                                                               13                                                                        3             13
            50                                                                                                                                 150
                                           41                                                                                                                                                                                                      10
    USD m




            40                                                                                             35
                                                                                   31
                                                                                                                                               100
            30
                                                                                                                       22                                                  158
                                                                                                                                                                                                                                                        139
            20
                                                                                                                                                 50                                                                                                           168
            10

             0                                                                                                                                     0




                                                                                                                                                                           Nov 08




                                                                                                                                                                                                                      May 09




                                                                                                                                                                                                                                                              Nov 09
                                                                                                                                                         Sep 08




                                                                                                                                                                                                                                   Jul 09

                                                                                                                                                                                                                                              Sep 09
                                                                                                                                                                                             Jan 09

                                                                                                                                                                                                           Mar 09
                     07Q1

                                  07Q2

                                           07Q3

                                                   07Q4

                                                            08Q1

                                                                       08Q2

                                                                                  08Q3

                                                                                           08Q4

                                                                                                  09Q1

                                                                                                           09Q2

                                                                                                                       09Q3

Including expansion projects.
Source: Council for the Development of Cambodia                                                                               Source: Ministry of Tourism
 Phnom Penh: Value of Construction Approvals                                                                                                              Phnom Penh: Inflation
         July 2008–September 2009                                                                                                                  Year-on-Year (%) Percentage Changes
                                                                                                                                                             November 2009
              300                                                                         Other                                                10                                                                                                  8.9
                                                                                          Flats
              250                                                                                                                                                                                           3.6
                                                                                          Villas &ho us es                                       5
                                                                                                                                                                  1.3                 2.1
              200                                                                                                                                                                                                                           0.1
                                                                                                                                                 0                         1.6
   USD m




              150                                                                                                                                                                                                   5.3
                                                                                                                                                -5
              100                                                                                                                                                                                                            2.2
                                                                                                                                                                                                      -5
                                                                                                                                              -10                                                                                  -7.4
                 50
                                                                                                                                              All ite m s                                                           F o o d & no n-a lc o ho lic be ve ra ge s
                     0                                                                                                                        C lo thing a nd fo o twa re                                           Ho us ing a nd utilitie s
                            Jul 08

                                         Sep 08




                                                                                                  Jul 09

                                                                                                             Sep 09
                                                   Nov 08

                                                              Jan 09

                                                                              Mar 09

                                                                                         May 09




                                                                                                                                              HH furnis hings a nd o pe ra tio ns                                   He a lth
                                                                                                                                              Tra ns po rt                                                          C o m m unic a tio ns
                                                                                                                                              R e c re a tio n a nd c ulture                                        Educ a tio n



Source: Municipality of Phnom Penh                                                                                            Source: National Institute of Statistics
             Phnom Penh: Gasoline & Diesel Prices                                                                                Interest Rates on 12-Month Bank Deposits (%)
                 October 2008–December 2009                                                                                                August 2008–October 2009
            5000                                                                                                                     9                                                                                                                  5.9
                                                                                                              3984




                                                                                                                                                              7.64
            4500                                                                                                                     8
            4000                                                                                                                                                                                                                                                       6.62
                                                                                                                                     7
            3500                                                                                                                     6
                                                                                                              3399




            3000                                                                                                                     5
 Riels/ℓ




            2500                                                                                                                                                   6.18                                                                                                5.66
                                                                                                                                     4
            2000                                                                                                                     3
                                              Diesel                                                                                                                                                            Riel deposit rate
            1500                                                                                                                                                                                                                                         6.88
                                              Gasoline                                                                               2                                                                          Dollar deposit rate
            1000                                                                                                                     1
             500
                                                                                                                                     0
                 0
                                                                                                                                                Aug 08




                                                                                                                                                                                                       Feb 09




                                                                                                                                                                                                                                               Aug 09
                                                                                                                                                                                    Dec 08




                                                                                                                                                                                                                    Apr 09
                                                                                                                                                                  Oct 08




                                                                                                                                                                                                                                   Jun 09




                                                                                                                                                                                                                                                                 Oct 09
                                                                                         Aug 09
                                                  Feb 09




                                                                          Jun 09
                                     Dec 08




                                                             Apr 09




                                                                                                              Dec 09
                         Oct 08




                                                                                                  Oct 09




Source: CDRI
                                                                                                                              Source: Economic & Monetary Statistics, NBC




                                                                                                                                              Cambodia Development Resource Institute – Page 4
                                                                                                                                       Cambodia Economic Flash Report –January 2010
                                                        sßanPaBGRtabþÚrR)ak; nig CMnYyGPivDÆn_BIeRkARbeTs
                                               Exchange Rates and External Development Assistance
                                      Riels per US Dollar                                                                                                          Riels per THB & VND
                                  October 2008–December 2009                                                                                                    October 2008–December 2009
                                                                                                                                                 132                                                                                           37




                                                                                                              4162
         4200




                                                                                                             4155
                                                                                                                                                 130                                                                                           35




                                                                                                                                                                                                                                   126.0
                                                                                                                                                                                                                           125.8
                                                                                                                                                 128                                                                                           33




                                                                                                                                                                                                                                                    KHR per VDN100
         4150




                                                                                                                                  KHR per Baht
                                                                                                                                                 126                                                                                           31




                                                                                                             4138
                                                                                                             4146
         4100                                                                                                                                    124                                                                                           29
                                   4058


                                                                                                                                                 122                                                                                           27




                                                                                                                                                                        116.1




                                                                                                                                                                                                                           23.3
                                                                                                                                                                                                                           22.6
         4050                                                                                                                                    120                                                                                           25
                                                                                                                                                 118                                                                                           23
                                      4042




         4000                                                                 Market rate




                                                                                                                                                                    23.9
                                                                                                                                                 116                                                                                           21
                                                                              Official rate                                                      114                                                                                           19
         3950




                                                                                                                                                                                                              Aug 09
                                                                                                                                                                                 Feb 09



                                                                                                                                                                                                     Jun 09
                                                                                                                                                                     Dec 08



                                                                                                                                                                                            Apr 09




                                                                                                                                                                                                                                   Dec 09
                                                                                                                                                          Oct 08




                                                                                                                                                                                                                       Oct 09
         3900                                                                   Aug 09
                                                Feb 09




                                                                    Jun 09
                                    Dec 08




                                                          Apr 09




                                                                                                                 Dec 09
                    Oct 08




                                                                                              Oct 09
                                                                                                                                                                                          Thai baht (left)
                                                                                                                                                                                          Vietnames e do ng (right)

Source: National Bank of Cambodia
                                                                                                                               Source: National Bank of Cambodia
                                    Monetary Survey (%)                                                                                                              Domestic Credit (%)
                                  August 2008–October 2009                                                                                                         August 2008–October 2009
         200                                                                                                                                180                                                                                                 110
                                                                                                                                            160                                                                                                 100
         150                                                                                                                                140                                                                                                 90
                                                                                                                                            120                                                                                                 80
         100                                                                                                                                100                                                                                                 70
                                                                                                                                             80                                                                                                 60
         50                                                                                                                                  60                                                                                                 50
                                                                                                                                             40                                                                                                 40
           0                                                                                                                                 20                                                                                                 30
                                                                                                                                              0                                                                                                 20
         -50                                                                                                                                -20                                                                                                 10
                                                                                                                                            -40                                                                                                 0
     -100
                                                                                                                                                       Aug 08




                                                                                                                                                                                                                        Aug 09
                                                                                                                                                                                Dec 08

                                                                                                                                                                                           Feb 09



                                                                                                                                                                                                              Jun 09
                                                                                                                                                                   Oct 08




                                                                                                                                                                                                     Apr 09




                                                                                                                                                                                                                                      Oct 09
                Aug 08




                                                          Feb 09




                                                                                  Jun 09


                                                                                                    Aug 09
                                               Dec 08
                                  Oct 08




                                                                     Apr 09




                                                                                                                      Oct 09




                                                                                                                                                                Annualis ed change in domes tic credit (left)
                                           Annualised growth rate (M2)
                                                                                                                                                                Annualis ed change in private s ecto r credit (left)
                                           Annualised growth rate (M1)                                                                                                      2
                                                                                                                                                                P revio us 1 mo nths ' growth in do mes tic credit (right)
                                           Growth over the previous 12 months (M2)

Source: National Bank of Cambodia                                                                                              Source: National Bank of Cambodia
                                    Monetary Operations                                                                        External Development Assistance Disbursement:
                                  August 2008–October 2009                                                                              Environment & Conservation
         14000                                                                                                                                  2000–2007
         12000
         10000                                                                                                                                   35
          8000
                                                                                                                                                 30
KHR bn




          6000
          4000
          2000                                                                                                                                   25
             0                                                                                                                                   20
                                                                                                                                USD m




         -2000
         -4000                                                                                                                                   15
         -6000
                         Aug 08




                                                                                           Aug 09




                                                                                                                                                 10
                                                          Feb 09




                                                                              Jun 09
                                                 Dec 08




                                                                   Apr 09
                                      Oct 08




                                                                                                             Oct 09




                                                                                                                                                  5

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

                                                                                                                               Source: Cambodia Aid Effectiveness Report 2007, CDC
Source: National Bank of Cambodia




                                                                                                                                Cambodia Development Resource Institute – Page 5
                                                                                                                           Cambodia Economic Flash Report –January 2010
                                                     BaNiC¢kmµeRkARbeTs nig karGnuvtþfvikaCati
                                               External Trade and National Budget Operations
    Imports: Cigarettes & Construction Materials                                                                                                      Cambodia: Main Exports
               August 2008–October 2009                                                                                                               August 2008–October 2009

            120                                                                                                                         400                                                                                                                    8
                                                                                                                                        350                                                                                                                    7
            100
                                                                                                                                        300                                                                                                                    6

             80                                                                               14.2                                      250                                                                                                                    5




                                                                                                                           USD m




                                                                                                                                                                                                                                                                        USD m
                                                                                                      14.2                              200                                                                                                                    4
KHR bn




             60                                                                                                                         150                                                                                                                    3
                              11.4                                                            10.9 9.4                                  100                                                                                                                    2
             40
                              15.7                                                                                                       50                                                                                                                    1
                                          Cigarettes           Cement              Steel              43.8
             20                                                                               45.3                                        0                                                                                                                    0




                                                                                                                                                  Aug 08




                                                                                                                                                                                           Feb 09




                                                                                                                                                                                                                                        Aug 09
                                                                                                                                                                             Dec 08



                                                                                                                                                                                                         Apr 09
                              26.5




                                                                                                                                                                Oct 08




                                                                                                                                                                                                                         Jun 09



                                                                                                                                                                                                                                                     Oct 09
              0
                  Aug 08




                                                                                     Aug 09
                                                     Feb 09




                                                                         Jun 09
                                          Dec 08




                                                               Apr 09
                               Oct 08




                                                                                                    Oct 09
                                                                                                                                                  Total exports (left)                                                            Garments (left)
                                                                                                                                                  Rubber (right)                                                                  Fish (right)


Source: Economic & Monetary Statistics, NBC
                                                                                                                  Source: Economic & Monetary Statistics, NBC
                             Imports: Petroleum Products                                                                                      Current Budget Operations
                              July 2008–September 2009                                                                                      September 2008–November 2009
                                                                                               132.0
                                                                                               130.6




            140
                                                                                                                                         250
            120                                                                                                                          200                        161                                                                                         149
            100                                                                                                                          150
                                83.3




                                                                                                                                         100
   KHR bn




             80                                                                                                                                                                                                                                               32
                                                                                                                           KHR bn




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


                                 Sep 08




                                                                                      Jul 09

                                                                                                     Sep 09
                                           Nov 08

                                                      Jan 09


                                                                Mar 09

                                                                          May 09




                                                                                                                                                    Sep 08

                                                                                                                                                                    Nov 08

                                                                                                                                                                                  Jan 09




                                                                                                                                                                                                                                    Jul 09

                                                                                                                                                                                                                                                    Sep 09

                                                                                                                                                                                                                                                                   Nov 09
                                                                                                                                                                                                    Mar 09

                                                                                                                                                                                                                      May 09




Source: Economic & Monetary Statistics, NBC                                                                       Source: MEF Bulletin
                          Current Budget Revenue                                                                                             Current Budget Expenditure
                       September 2008–November 2009                                                                                        September 2008–November 2009
            600                                                                                                            1400
                                                                                                                           1200
            500                                                                                67
                                                                                                                           1000
                                                                                                                  KHR bn




            400                                                                                                             800
                                                                                                             47
  KHR bn




                                 40
                                                                                                                            600                                                                                                                                111
            300                  90                                                                      91
                                                                                        106                                 400                                                                                                                                      34
                                                                                                                                                                                                                                                              93
            200                                     Non-tax
                                                                                                                            200
                                                                                               251                                                                                                                                                                  237
                               239                  Import and export taxes                                                         0
            100                                     Domes tic taxes
                                                                                                                                         Sep 08




                                                                                                                                                                                                                               Jul 09

                                                                                                                                                                                                                                                 Sep 09
                                                                                                                                                           Nov 08

                                                                                                                                                                         Jan 09

                                                                                                                                                                                           Mar 09

                                                                                                                                                                                                             May 09




                                                                                                                                                                                                                                                               Nov 09




                                                                                                     249
              0
                    Sep 08




                                                                         Jul 09

                                                                                     Sep 09
                                Nov 08

                                           Jan 09

                                                     Mar 09

                                                               May 09




                                                                                                    Nov 09




                                                                                                                                                                         Other services
                                                                                                                                                                         Subsidies and social assistance
                                                                                                                                                                         Wages
                                                                                                                                                                         Current expenditure

Source: MEF web site
                                                                                                                  Source: MEF web site




                                                                                                                   Cambodia Development Resource Institute – Page 6
                                                                                                                                   Cambodia Economic Flash Report –January 2010
                                                                         éføes,ógGahartamextþkñúgRbeTskm<úCa
                                                                                                        Provincial Food Prices
     Cambodia: Food Prices in Siem Reap Province                                                                              Cambodia: Food Prices in Battambang Province
           October 2008–December 2009                                                                                                October 2008–December 2009
              21500                                                                                      27000
                                                                                                                                           21500                                                                                       27000
              18000                                                                                      23000                             18000                                                                                       23000
              14500                                                                                      19000
  Riels/kg




                                                                                                                  Riels/kg



                                                                                                                               Riels/kg




                                                                                                                                                                                                                                                   Riels/kg
                                                                                                                                           14500                                                                                       19000
              11000                                                                                      15000                             11000                                                                                       15000
               7500                                                                                      11000                              7500                                                                                       11000
               4000                                                                                      7000                               4000                                                                                       7000
                500                                                                                      3000                                500                                                                                       3000




                                                                                                                                                     Oct-08
                                                                                                                                                                Dec-08
                                                                                                                                                                          Feb-09


                                                                                                                                                                                              Jun-09


                                                                                                                                                                                                                  Oct-09
                                                                                                                                                                                                                             Dec-09
                                                                                                                                                                                    Apr-09


                                                                                                                                                                                                        Aug-09
                        Oct-08
                                   Dec-08
                                             Feb-09


                                                                Jun-09


                                                                                    Oct-09
                                                                                               Dec-09
                                                       Apr-09


                                                                          Aug-09
                Rice-Phka Knhei (left)                                             Fresh fish (left)                                         Rice-Phka Knhei (left)                                               Fresh fish (left)
                1st quality pork (right)                                           1st quality beef (right)                                  1st quality pork (right)                                             1st quality beef (right)



                                                                                                                             Source: CDRI
Source: CDRI
       Cambodia: Food Prices in Kg Cham Province                                                                                         Cambodia: Food Prices in Kampot Province
            October 2008–December 2009                                                                                                        October 2008–December 2009
             21500                                                                                        27000
                                                                                                                                          21500                                                                                         27000
             18000                                                                                        23000
                                                                                                                                          18000                                                                                         23000
             14500                                                                                        19000




                                                                                                                                                                                                                                                Riels/kg
                                                                                                                                          14500                                                                                         19000
 Riels/kg




                                                                                                                  Riels/kg


                                                                                                                              Riels/kg




             11000                                                                                        15000                           11000                                                                                         15000
             7500                                                                                         11000                            7500                                                                                         11000
                                                                                                                                           4000                                                                                         7000
             4000                                                                                         7000
                                                                                                                                            500                                                                                         3000
              500                                                                                         3000


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


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


                                                                                    Sep 09
                                                                                                Nov 09




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



Source: CDRI                                                                                                                 Source: CDRI
     Cambodia: Food Prices in Svay Rieng Province                                                                                    Cambodia: Food Prices in Kg Speu Province
            October 2008–December 2009                                                                                                    October 2008–December 2009
              21500                                                                                      27000                             25000                                                                                       31000
              18000                                                                                      23000                             21500                                                                                       27000
                                                                                                                                           18000                                                                                       23000
              14500                                                                                      19000
                                                                                                                              Riels/kg




                                                                                                                                                                                                                                                Riels/kg
  Riels/kg




                                                                                                                  Riels/kg




                                                                                                                                           14500                                                                                       19000
              11000                                                                                      15000
                                                                                                                                           11000                                                                                       15000
               7500                                                                                      11000                              7500                                                                                       11000
               4000                                                                                      7000                               4000                                                                                       7000
                500                                                                                      3000                                500                                                                                       3000
                                                                                                                                                   Oct 08
                                                                                                                                                              Dec 08
                                                                                                                                                                         Feb 09


                                                                                                                                                                                             Jun 09


                                                                                                                                                                                                                 Oct 09
                                                                                                                                                                                                                            Dec 09
                                                                                                                                                                                   Apr 09


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




                                                                                   Oct-09
                                                                                             Dec-09
                                             Feb-09




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


Source: CDRI                                                                                                                 Source: CDRI




                                                                                                                              Cambodia Development Resource Institute – Page 7
                                                                                                                                                         Cambodia Economic Flash Report –January 2010
                                                         éføTMnijtamextþkñúgRbeTskm<úCa³ tammuxTMnij
                                                                                             Provincial Goods Prices in Cambodia
                   Cambodia: Rice Prices in Three Provinces                                                                                                         Cambodia: Rice Prices in Three Provinces



                                                                                                                                                                     3000




                                                                                                                                                                                                                                                                      2650
                  3500
                                                                                                                                                                     2500




                                                                                                                           2 45 0
                  3000




                                                                                                                                                                                                            2600
                                                                                                                                       2 50 0
                                                                                                                          25 5 0




                                                                                                                                                                                                                                                                  2500
                                                                                                                                                                                   2400




                                                                                                                                                                                                                                               2600
                                                                                                                                                                                  2600




                                                                                                                                                                                                                           2500
                                                                                                                                                                                                 2800
                  2500                                                                                                                                               2000




                                                                                                                                                                                                                                                           2200
                                                                                                                                                                               2500




                                                                                                                                                                                                                       2600
                                                                                                                                                        Riels/kg
                                                                                  26 00
                                                            25 00
                                                                    2 55 0




                                                                                                                                                                                                        2500
                                2 50 0




                  2000




                                                                                                                                                                                                                     2600
      Riels/k g



                              25 50




                                                                                                                                                                     1500




                                                                                                                                                                                                                                     2250
                             2 9 00




                                                                                                                  26 00
                  1500
                                                24 00




                                                                                                 26 00
                                                                                                                                                                     1000
                                                                             2 50 0
                                                    2 20 0




                  1000




                                                                                                                                                                                                                                            2500
                                                  Battambang                                             2 50 0                                                                                          Kampot
                                                  Kompong Speu                                                                                                        500                                Siem Reap
                   500
                                                  Kompong Cham                                                                                                                                           Svay Rieng
                     0                                                                                                                                                     0
                             Aug 09               Sep 09                Oct 09                    Nov 09                      Dec 09                                             Aug-09           Sep-09              Oct-09          Nov-09                  Dec-09
Source: CDRI                                                                                                                                        Source: CDRI
                   Cambodia: Fish Prices in Three Provinces                                                                                                         Cambodia: Fish Prices in Three Provinces

                                      Battambang                                                                                                                   18000                Kampot
                  16000
                                      Kompong Speu                                                                                                                                      Siem Reap
                                                                                                                                   12500




                                                                                                                                                                   16000




                                                                                                                                                                                                                                                      13000
                                                                                                                                                                                        Svay Rieng




                                                                                                                                                                                                                                                                     13000
                  14000               Kompong Cham
                                                                                                                                10500




                                                                                                                                                                   14000
                                                                                 14000




                  12000
                                                         12500




                                                                                                                              9750




                                                                                                                                                                   12000




                                                                                                                                                                                                                                    14500
                  10000



                                                                                                                                                                                                    12000




                                                                                                                                                                                                                                                              9000
                                                                                                                                                                                                  16000
      Riels/kg




                                                                                                                                                      Riels/kg




                                                                                                                                                                                                                     12000
                                                                                                                                                                                                                     13000
                                                                                                                                                                   10000
                                                    13500

                                                                11750




                                                                                                                                                                                    14000
                                                                                                                     11250




                                                                                                                                                                                                13000
                   8000




                                                                                                                                                                                                                   15000
                                                                                                     10000




                                                                                                                                                                    8000
                                   11000




                                                                                         9750
                                                                         12000




                   6000
                                                                                                                                                                                13000
                                                                                                                                                                               15000
                                12750




                                                                                                                                                                                                                                             10000
                                                                                                                                                                    6000
                               10250




                   4000
                                                                                                            11000




                                                                                                                                                                    4000
                   2000
                                                                                                                                                                    2000


                                                                                                                                                                                                                                       10000
                         0
                                                                                                                                                                       0
                                 Aug 09                 Sep 09               Oct 09                  Nov 09                     Dec 09
                                                                                                                                                                               Aug 09           Sep 09             Oct 09           Nov 09                 Dec 09
Source: CDRI
                                                                                                                                                    Source: CDRI
                   Cambodia: Pork Prices in Three Provinces                                                                                                         Cambodia: Pork Prices in Three Provinces


                  20000
                  18000
                                        18000




                                                                                                                                                                   20000
                                                                                                                                                                                                                                                   17000




                  16000
                                                                18000




                                                                                                                      18000




                                                                                                                                                                                                                                                                16000
                                                                                                                                            17750
                                                                                         18000
                                      16500




                                                                                                                                                                                17000




                                                                                                                                                                   18000
                                                                                                                                                                                                                                                              15000




                  14000
                                                                                                                               15500
                                                                                                                                       15000
                                                    16500




                                                                                                                                                                   16000
                                                                                                          15000
                              16500




                  12000
                                                                                                                                                                                   16000
 Riels/kg




                                                                                                                                                                                                                                          16000




                                                                                                                                                                   14000
                                                                                 15500




                  10000
                                                                                                                                                                                                18000
                                                                                                                                                                                                         15000
                                                            16500




                                                                                                     16000




                                                                                                                                                                                                                   18000
                                                                                                                                                                                                                           15000




                                                                                                                                                                   12000
                                                                                                                                                                                                                                     17500
                                                                             16000




                   8000
                                                                                                                                                    Riels/kg




                                                                                                                                                                                        15000




                                                                                                                                                                                                                                   15000




                                                                                                                                                                   10000
                                                                                                                                                                                                    16000




                   6000
                                                                                                                                                                                                                      16000




                                                                                                                                                                    8000
                   4000                                                                                   Battambang
                                                                                                          Kompong Speu                                              6000
                   2000                                                                                                                                                                                                               Kampot
                                                                                                          Kompong Cham                                              4000                                                              Siem Reap
                         0
                                                                                                                                                                                                                                      Svay Rieng
                                Aug-09                  Sep-09                Oct-09                      Nov-09                  Dec-09                            2000
                                                                                                                                                                       0

Source: CDRI                                                                                                                                        Source: CDRI Aug 09 Sep 09 Oct 09 Nov 09 Dec 09




                                                                                                                                                    Cambodia Development Resource Institute – Page 8
                                                                                                                                                                         Cambodia Economic Flash Report –January 2010
                    éføTMnij karnaMecj nig cMnYneTscrGnþrCatienAkñúgRbeTsCaédKUrbs;km<úCa
                    Goods Prices, Exports and International Tourist Arrivals to Partners of Cambodia
                  Thailand: Prices of Rubber, Rice and Maize                                                                                                   Vietnam: Prices of Rubber, Rice and Cashew Nuts
                       September 2008–November 2009                                                                                                                   September 2008–November 2009
                  1400                                                                                                         3000                                                 1400                                                                                                   13000
 USD per tonne




                                                                                                                                               USD per tonne
                  1200                                                                                                         2500
                                                                                                                                                                                    1200                                                                                                   11000




                                                                                                                                                                 USD per tonne




                                                                                                                                                                                                                                                                                                           USD per tonne
                  1000                                                                                                         2000
                                                                                                                                                                                    1000                                                                                                   9000
                   800                                                                                                         1500
                   600                                                                                                         1000                                                  800                                                                                                   7000
                   400                                                                                                         500                                                   600                                                                                                   5000
                   200                                                                                                         0                                                     400                                                                                                   3000
                            Sep 08

                                      Nov 08

                                                Jan 09




                                                                                       Jul 09

                                                                                                     Sep 09

                                                                                                                  Nov 09
                                                            Mar 09

                                                                         May 09
                                                                                                                                                                                     200                                                                                                   1000




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


                                                                                                                                                                                                                                                                     Sep 09
                                                                                                                                                                                                                                                                                  Nov 09
                                                Rice (left)
                                                Rubber (right)                                                                                                                             Rice (left)                                                           Rubber (right)
                                                Maize and maize products (right)                                                                                                           Cashew nuts (right)

Source: Bank of Thailand, Foreign Trade and Balance of Payments                                                                                                Source: General Statistics Office of Vietnam
                                 Thailand: Exports                                                                                                                                               Vietnam: Exports
                           September 2008–November 2009                                                                                                                                    September 2008–November 2009
                   800                                                                                                              4.0                                              480                                                                                                            140
                   700                                                                                                              3.5                                              400                                                                                                            120
                   600                                                                                                              3.0
                                                                                                                                                                                     320                                                                                                            100
          USD m




                                                                                                                                               USD m




                                                                                                                                    2.5
                                                                                                                                                                          USD m




                                                                                                                                                                                                                                                                                                           USD m
                   500                                                                                                                                                               240                                                                                                            80
                                                                                                                                    2.0
                   400                                                                                                              1.5                                              160                                                                                                            60
                   300                                                                                                              1.0
                                                                                                                                                                                      80                                                                                                            40
                   200                                                                                                              0.5
                                                                                                                                                                                       0                                                                                                            20
                            Sep 08




                                                                                            Jul 09

                                                                                                         Sep 09
                                       Nov 08

                                                 Jan 09

                                                              Mar 09

                                                                              May 09




                                                                                                                       Nov 09




                                                                                                                                                                                                     Nov-08




                                                                                                                                                                                                                                                   May-09




                                                                                                                                                                                                                                                                                           Nov-09
                                                                                                                                                                                           Sep-08




                                                                                                                                                                                                                                                                 Jul-09

                                                                                                                                                                                                                                                                                Sep-09
                                                                                                                                                                                                                  Jan-09

                                                                                                                                                                                                                                 Mar-09


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


Source: Customs Department of Thailand                                                                                                                         Source: General Statistics Office of Vietnam
                           Thailand: International Arrivals                                                                                                                                Vietnam: International Arrivals
                           October 2006–December 2007*                                                                                                                                       August 2008–October 2009

                 1600                                                                                                                                                               400

                 1400                                        Air                       Land                        Sea                                                              350
                 1200                                                                                                                                                               300
                                                                                                                                                                     000' persons




                 1000                                                                                                                                                               250
 000 persons




                  800                                                                                                                                                               200
                  600                                                                                                                                                               150                                     Others
                  400
                                                                                                                                                                                    100                                     Business
                  200
                                                                                                                                                                                     50                                     Tourism
                    0
                                                                                                                                                                                      0
                                                                                                       Aug 07
                                                   Feb 07




                                                                                       Jun 07
                                       Dec 06




                                                                     Apr 07




                                                                                                                                      Dec 07
                         Oct 06




                                                                                                                           Oct 07




                                                                                                                                                                                           Aug-08




                                                                                                                                                                                                                                          Feb-09




                                                                                                                                                                                                                                                                                           Aug-09
                                                                                                                                                                                                                        Dec-08




                                                                                                                                                                                                                                                            Apr-09
                                                                                                                                                                                                      Oct-08




                                                                                                                                                                                                                                                                              Jun-09




                                                                                                                                                                                                                                                                                                         Oct-09




*Data are available to December 2007.                                                                                                                          Source: Estimates by General Statistics Office of Vietnam
Source: Tourism Authority of Thailand




                                                                                                                                                                Cambodia Development Resource Institute – Page 9
                                                                                                                                                                                   Cambodia Economic Flash Report –January 2010


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




                                                                                                                                                                                 USD bn
     -40
     -50
                                                                                                                                                                                               100
     -60




                                                                                                                               Aug 09
                                                           Feb 09




                                                                                                       Jun 09
                                                                                                                 Jul 09


                                                                                                                                          Sep 09
                           Nov 08
                                       Dec 08
                                                Jan 09


                                                                    Mar 09
                                                                                 Apr 09
                                                                                          May 09




                                                                                                                                                                Nov 09
                  Oct 08




                                                                                                                                                       Oct 09
                                                                                                                                                                                                 50

                           Manufactured goods                                                      Machinery                                                                                         0




                                                                                                                                                                                                                                            Nov 08




                                                                                                                                                                                                                                                                                     May 09
                                                                                                                                                                                                         Jul 08


                                                                                                                                                                                                                          Sep 08




                                                                                                                                                                                                                                                                                                 Jul 09


                                                                                                                                                                                                                                                                                                               Sep 09
                                                                                                                                                                                                                                                              Jan 09


                                                                                                                                                                                                                                                                           Mar 09
                           Electricial machinery                                                   T ransport equipment
                           T otal

Source: Japanese Trade and Investment Statistics                                                                                                                                Sources: BEA, Eurostat and OECD
                                       External Trade: Malaysia                                                                                                                                 Inflation Rates: US, Euro Zone & Japan
                                       August 2008–October 2009                                                                                                                                      (price change from a year earlier)
                                                                                                                                                                                   6
   20                                                                                                                                                                              5
   18                                                               Exports                                                                                                        4
   16                                                               Imports                                                                                                        3
                                                                    Trade balance
   14                                                                                                                                                                              2
   12                                                                                                                                                                               1
   10                                                                                                                                                                              0
    8                                                                                                                                                                             -1
    6                                                                                                                                                                            -2
    4                                                                                                                                                                            -3
    2
    0
         Aug-08




                                                                     Feb-09




                                                                                                                                        Aug-09
                             Oct-08




                                                                                          Apr-09




                                                                                                                                                            Oct-09
                                                 Dec-08




                                                                                                                Jun-09




                                                                                                                                                                                                                  US A                                Euro zo ne                              J a pa n



Source: Department of Statistics, Malaysia                                                                                                                                      Sources: IMF and Economist (1 January 2010)
   Inflation Rate: China, Hong Kong & South Korea                                                                                                                                              Inflation Rate: Selected ASEAN Countries
             (price change from a year earlier)                                                                                                                                                       (price change from a year earlier)
    6                                                                                                                                                                                  10

    5                                                                                                                                                                                     8

    4                                                                                                                                                                                     6
    3
                                                                                                                                                                                          4
    2
    1                                                                                                                                                                                     2

    0                                                                                                                                                                                     0
   -1
                                                                                                                                                                                          -2
   -2
                                                                                                                                                                                          -4
   -3
        Sep 0 8




                                                                                                                    Ju l 0 9


                                                                                                                                             Sep 0 9
                             No v 08


                                                  Jan 09


                                                                       M ar 09


                                                                                             M ay 09




                                                                                                                                                                     No v 09




                                                                                                                                                                                          -6
                                                                                                                                                                                                              Nov 08




                                                                                                                                                                                                                                                                       May 09




                                                                                                                                                                                                                                                                                                                   Nov 09
                                                                                                                                                                                                Sep 08




                                                                                                                                                                                                                                                                                    Jul 09



                                                                                                                                                                                                                                                                                                  Sep 09
                                                                                                                                                                                                                                   Jan 09



                                                                                                                                                                                                                                                     Mar 09




                                       China                                 Hong Kong                                             South Korea                                                                         Malaysia                                    Singapore                      Thailand

                                                                                                                                                                                Sources: IMF and Economist (1 January 2010)
Sources: IMF and Economist (1 January 2010)




                                                                                                                                                                               Cambodia Development Resource Institute – Page 10
                                                                                                                                                     Cambodia Economic Flash Report –January 2010
                                                               GRtabþÚrR)ak; nig sßanPaBéføTMnijelITIpSarGnþrCati
                                                                  Exchange Rates and Commodity Prices in World Markets
                                           KRW & HKD per USD                                                                                                                            EUR & JPY per USD
                                          October 2008–December 2009                                                                                                                 October 2008–December 2009

                    1800                                                                                                    7.78                                 126                                                                                                         0.87
                    1600                                                                                                    7.78                                 122                                                JPY (left scale)                                         0.84
                                                                                                                                                                 118                                                EURO (right scale)                                       0.81
                    1400                                                                                                    7.77
                                                                                                                                                                 114                                                                                                         0.78
                    1200                                                                                                    7.77
                                                                                                                                                                 110                                                                                                         0.75
                    1000                                                                                                    7.76




                                                                                                                                                                                                                                                                                    EURO
             KRW




                                                                                                                                       HKD



                                                                                                                                                    JPY
                                                                                                                                                                 106                                                                                                         0.72
                     800                                                                                                    7.76
                                                                                                                                                                 102                                                                                                         0.69
                     600                                                                                                    7.75
                                                                                                                                                                  98                                                                                                         0.66
                     400                                                                                                    7.75
                                                                  KRW (left scale)                                                                                94                                                                                                         0.63
                     200                                          HKD (right scale)                                         7.74
                                                                                                                                                                  90                                                                                                         0.6
                         0                                                         Aug 09                                   7.74                                  86                                                                                                         0.57
                                                      Feb 09



                                                                         Jun 09




                                                                                                                                                                                                                                         Aug 09
                                            Dec 08



                                                                Apr 09




                                                                                                                 Dec 09




                                                                                                                                                                                                          Feb 09



                                                                                                                                                                                                                                Jun 09
                                 Oct 08




                                                                                                 Oct 09




                                                                                                                                                                                         Dec 08



                                                                                                                                                                                                                      Apr 09




                                                                                                                                                                                                                                                               Dec 09
                                                                                                                                                                           Oct 08




                                                                                                                                                                                                                                                   Oct 09
 Source: Federal Reserve Bank of New York
                                                                                                                                              Source: Federal Reserve Bank of New York

                                             THB & SGD per USD                                                                                          Rice: International Prices Index & Export Prices
                                          October 2008–December 2009                                                                                            September 2008–November 2009
                                                                                                                                                                 850                                                                                                         350
                   1.56                                                                                                      42
                                                                                                                                                                 750                                                                                                         300
                   1.53                                                                                                      40
                                                                                                                                                                 650                                                                                                         250
                                                                                                                                               USD / tonne FOB



                   1.50                                                                                                      38
                   1.47                                                                                                      36                                  550                                                                                                         200
        SGD




                                                                                                                                                                                                                                                                                       IPO*
                                                                                                                                       THB




                   1.44                                                                                                      34                                  450                                                                                                         150
                   1.41                                                                                                      32                                  350                                                    U SA 2/4                                             100
                                                     SGD (left scale)                                                                                                                                                   T hai 100% B
                   1.38                              T HB (right scale)                                                      30                                  250
                                                                                                                                                                                                                        IPO
                                                                                                                                                                                                                                                                             50
                   1.35                                                                                                      28
                                                                                                                                                                 150                                                                                                         0
                                                                                   Aug 09
                                                     Feb 09




                                                                         Jun 09
                                           Dec 08




                                                                Apr 09




                                                                                                                  Dec 09
                             Oct 08




                                                                                                  Oct 09




                                                                                                                                                                            Sep 08

                                                                                                                                                                                             Nov 08



                                                                                                                                                                                                                       Mar 09



                                                                                                                                                                                                                                         Jul 09
                                                                                                                                                                                                           Jan 09



                                                                                                                                                                                                                                May 09



                                                                                                                                                                                                                                                   Sep 09
 Source: Federal Reserve Bank of New York                                                                                                     Sources: Osiriz/InfoArroz                                                                                        Nov 09
                                                                                                                                              * International Price Index of Osiriz/InfoArroz
                          Prices: Soybeans, Maize & Palm Oil                                                                                                      Prices: Crude Oil, Gasoline & Diesel
                               August 2008–October 2009                                                                                                              September 2008–November 2009

                   700                                                                                                             3500              150                                                                                                                         150
                                           Soybeans: US No.1, Yellow (left scale)                                                                    140                                                                                                                         140
                                                                                                                                                     130                                                                                                                         130
                                           Maize: US No.2, Yellow (left scale)                                                                       120                                                                                                                         120
                   600                                                                                                             3000
                                           Palm Oil: crude (right scale)                                                                             110                                                                                                                         110
                                                                                                                                                     100                                                                                                                         100
                                                                                                                                                      90                                                                                                                         90
                                                                                                                                                                                                                                                                                       US Cent




                   500                                                                                                             2500
                                                                                                                                                      80                                                                                                                         80
                                                                                                                                              USD
U D/ tonne F B
            O




                                                                                                                                                      70                                                                                                                         70
                   400                                                                                                             2000               60                                                                                                                         60
                                                                                                                                                      50                                                                                                                         50
                                                                                                                                                      40                                                                                                                         40
                   300                                                                                                             1500               30                                                                                                                         30
 S




                                                                                                                                                      20                                                                                                                         20
                                                                                                                                                                  Sep 08


                                                                                                                                                                                    Nov 08


                                                                                                                                                                                                      Jan 09


                                                                                                                                                                                                                    Mar 09




                                                                                                                                                                                                                                          Jul 09


                                                                                                                                                                                                                                                      Sep 09


                                                                                                                                                                                                                                                                    Nov 09
                                                                                                                                                                                                                                May 09




                   200                                                                                                             1000


                   100                                                                                                             500
                                                                                                                                                                            Crude oil: OPEC spot - USD/barrel
                     0                                                                                                             0                                        Gasoline: US Gulf Coast - US cents/litre (right scale)
                          A 08




                                                                F 09


                                                                            A 09




                                                                                                          A 09
                                          O 08


                                                     D 08




                                                                                                                           O 09
                                                                                        Jun 09




                                                                                                                                                                            Diesel: low sulphur No.2 - US cents/litre (right scale)
                           ug




                                                                 eb




                                                                                                           ug
                                                                             pr
                                                      ec
                                           ct




                                                                                                                            ct




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




                                                                                                                                             Cambodia Development Resource Institute – Page 11
                                                                         Cambodia Economic Flash Report –January 2010
                                                      B½t’manesdækic©
                                                     Economic News
                         B½t’manesdækic©sMxan;² ³                      Economic News Highlights:
                                                                       Chinese commerce vice-minister: investment in ASEAN
GnurdæmRnþIBaNiC¢kmµcin³ vinieyaKrbs;cinenAGas‘an nwgekIneLIgxøaMg     to rapidly increase: China's investment in south-east
m®nþIBaNiC¢kmµCan;x<s;mñak;rbs;cin )anniyaykalBIéf¶TI 7 mkraenH        Asia will rise rapidly as firms become more eager to go
                                                                       abroad with economic recovery, a senior commerce
fa karvinieyaKrbs;cinenAGasIuGaeKñy_nwgekIneLIgxøaMg edaysar           official said on January 7. Both China and the
                                                                       Association of Southeast Asian Nations (ASEAN)
Rkumh‘uncinCaeRcIn mancMNab;GarmµN_xøaMgcMeBaHkarvinieyaKenAeRkA       should make full use of investment funds and other
                                                                       resources and step up infrastructure construction to
RbeTs xN³eBlEdlesdækic©kMBugerIbeLIgvij . elak Yi Xiaozhun             meet the needs of further trade cooperation, said
                                                                       commerce vice-minister Yi Xiaozhun at the ceremony
Gnurdæm®nþIBaNiC¢kmµcin )anEføgkñúgBiFIbegáIttMbn;BaNiC¢kmµesrIcin-    marking the establishment of the China-ASEAN Free
Gas‘an fa TaMgRbeTscin nigsmaKmRbCaCatiGasIuGaeKñy_ ¬Gas‘an¦           Trade Area. The CAFTA, the world's largest free trade
                                                                       area of developing countries, started operation on 1
KYrEtTajykRbeyaCn_TaMgRsugBImUlniFivinieyaK nigFnFandéT                January. It covers a population of 1.9 billion and
                                                                       accounts for about USD4.5 trillion in trade. “The FTA
eTot nigbegáInkarksagehdæarcnasm<½n§ edIm,IbMeBjtamtRmUvkarén          is mutually beneficial”, Yi said. “With full
                                                                       consideration of economic development levels and
kic©shRbtibtþikarEpñkBaNiC¢kmµkan;EtekIneLIg . tMbn;BaNiC¢kmµ          market capacities of both sides, the FTA will advance
esrIcin-Gas‘an ¬CAFTA¦ EdlCatMbn;BaNiC¢kmµesrIFMbMputénRbeTs           regional economic integrity by eliminating barriers to
                                                                       trade and investment.” Under the FTA, the average
kMBugGPivDÆn_enAkñúgsaklelakenH )ancab;epþImRbtibtþikarenAéf¶          Chinese tariff on goods from ASEAN countries is
                                                                       reduced from 9.8 percent to 0.1 percent. The six
TI1 mkra qñaM2010 . tMbn;enHmanl,ayRbCaCnrhUtdl; 1/9Ban;               original ASEAN members—Brunei, Indonesia,
                                                                       Malaysia, the Philippines, Singapore and Thailand—
lannak; CamYyvisalPaBBaNiC¢kmµ 4500Ban;landuløarGaemrik .              slashed the average tariff on Chinese goods from 12.8
elak Yi )anniyayfa tMbn;BaNiC¢kmµesrI pþl;RbeyaCn_eTAvijeTA            percent to 0.6 percent. By 2015, the policy of a zero
                                                                       tariff for 90 percent of Chinese goods is expected to
mk . CamYynwgkarBicarNaTaMgRsugelIkRmitGPivDÆn_ nigsmtßPaB             extend to the four newer ASEAN members, Cambodia,
                                                                       Laos, Myanmar and Vietnam. China helped the south-
TIpSarénRbeTsCaPaKI tMbn;BaNiC¢kmµesrInwgCMrujPaBeBjeljén              east Asian countries out of the 1997 financial crisis, and
                                                                       now they were working actively together to cope with
esdækic©kñúgtMbn; tamry³karlubbM)at;r)aMgBaNiC¢kmµ nigvinieyaK .       the current global financial crisis. ASEAN put more
                                                                       trust in China amid the unstable world economy, said
Ep¥ktamkic©RBmeRBog cinnwgbnßyGRtaBn§naMcUlCamFümelITMnijBI            Somesavat Lengsavad, Lao deputy prime minister, at
RbeTssßabnikTaMg 6 rbs;Gas‘an rYmman Rb‘uyeN \NÐÚensIu                 the ceremony. The FTA will greatly promote
                                                                       cooperation in trade, investment and tourism, thus
m:aeLsIu hVIlIBIn sigðburI nigéf BI 9/8° mkRtwm 0/1° ehIyRbeTs         helping narrow the economic gaps between ASEAN
                                                                       members, he said. (Source: xinhuanet, 12 January)
TaMgenH nwgbnßyBn§elITMnijBIRbeTscin BI 12/8° mkRtwm 0/6° .
eKrMBwgfa eKalneya)ayGRtaBn§sUnüelI;TMnijcin 90° nwgBRgIk               Links to other economic news:
                                                                       1. “Agreement on ASEAN-Australia-New Zealand FTA
eTAdl;RbeTssmaCikGas‘anfµI 4eTot KW km<úCa Lav mIy:an;m:a              enters into force”
nigevotNam . elak Somesavat Lengsavad GnuRbFanaFibtILav                (http://news.xinhuanet.com/english/2010-
                                                                       01/12/content_12797914.htm)
)anEføgenAkñúgBiFIenaHEdr fa cin)anCYyRbeTsenAGasIuGaeKñy_[
                                                                       2. “Money talks to translators in China-ASEAN trade
cakputBIvibtþihirBaØvtßúqñaM 1997 ehIy\LÚvenH cin)ankMBugeFVIkar       area” (http://news.xinhuanet.com/english/2010-
                                                                       01/07/content_12771834.htm)
y:agskmµCamYyKña edIm,ICmñHelIsßanPaBvibtþiesdækic©saklbc©úb,nñ.
Gas‘an manCMenOcitþelIcinkan;EtxøaMgkñúgsßanPaBGsßirPaBesdækic©        3. “Nontariff barriers to replace tariffs sprouting among
                                                                       Asean members”
sakl . tMbn;BaNiC¢kmµesrI nwgCYyCMrujkic©shRbtibtþikarelI              (http://businessmirror.com.ph/home/economy/19514-
                                                                       nontariff-barriers-to-replace-tariffs-sprouting-among-
BaNiC¢kmµ vinieyaK nigeTscrN_ EdlnwgCYybRgYmKmøatesdækic©              asean-members.html)
rvagbNþaRbeTssmaCikGas‘an .



                                                                      Cambodia Development Resource Institute – Page 12

				
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