Cambodia’s car tire exports have witnessed a remarkable surge in the first five months of 2024, according to data released by the Ministry of Commerce.
The country exported a staggering $308 million worth of car tires, reflecting a significant 204 percent increase compared to the $101 million recorded during the same period last year, a report showed.
This impressive growth is attributed to the increasing presence of car tire factories in Cambodia and reflects the diversification of Cambodia’s exports to international markets, said Penn Sovicheat, Secretary of State and spokesman of the Ministry of Commerce.
“Car tire export is a new product of Cambodia. This reflects the Cambodian government’s efforts to promote and expand exports to regional and global markets,” Sovicheat told Khmer Times.
“Opening a new market for tire products is one of our steps to expand exports, while the tire industry is one of potential industries in Cambodia,” he said.
The country currently has three operational car tire manufacturing facilities, with several more investment projects awaiting approval. These new ventures are poised to further propel Cambodia’s position as a key car tire exporter in the region.
Cambodia has three tire factories that are operating in Svay Rieng, Preah Sihanouk, and Kratie provinces.
“The export figures also show that Cambodia-made car tires are quality and meet the demand in the foreign markets,” the spokesman said.
Two new tire investment projects as some companies are currently producing tires for export to the European market, the Prime Minister Hun Manet said.
In May, Prime Minister Hun Manet asked all tire factories in the country to use domestic rubber as raw material inputs, creating a market for rubber plantation farmers even as two more tire factory projects have received in-principle approval for investment in Cambodia.
Cambodia exported 69,322 tons of dry rubber in the first quarter of 2024, an increase of 5.1 percent from 65,921 tons in the same period 2023, said a General Directorate of Rubber report.
The country exports the commodity mainly to Malaysia, Vietnam, Singapore and China.
According to the report, Cambodia has so far planted rubber trees on a total area of 407,172 hectares, in which the trees on 320,184 hectares, or 79 percent, are old enough to be tapped.
