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Customs Revenue in 2023 Falls Short of Target, Reflects Positive Economic Growth

Phnom Penh: The Director-General of the General Department of Customs and Excise of Cambodia, Mr. Kun Nhim, acknowledged that the customs revenue for 2023 fell short of the planned target due to free trade agreements with foreign nations and increased domestic production. However, he sees this as a positive sign for the Cambodian economy, indicating potential for increased exports in the future.

During a press conference on Monday, December 25, 2023, at the National Customs School, Mr. Kun Nhim revealed that customs tax revenue for 2023 is expected to reach only about 82% of the national plan for the year. Despite this shortfall, he emphasized that it is a promising aspect of the country's development.

Kun Nhim stated, "Overall, while this represents a decrease in customs revenue and may be viewed as a challenge, it also signifies positive growth for the Cambodian economy. This is because we are experiencing increased local production."

The decline in customs revenue can be attributed to Cambodia's free trade agreements with other countries, which have opened up foreign markets for Cambodian products. Simultaneously, numerous domestic factories have been established to meet both domestic and international demand for Cambodian goods.

Kun Nhim explained that the economic benefit for Cambodia is twofold. Firstly, the country no longer needs to spend as much on importing goods from abroad since domestic production can meet local demand. Secondly, by opening up foreign markets, income from abroad enters the country, contributing to overall economic growth.

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