Cambodia spent over $2.51B on imported construction materials in 2024

Cambodia spent over $2.51 billion on imported construction materials in 2024, an increase of 36% from $1.849 billion in 2023. This according to a report from the General Department of Customs and Excise of Cambodia (GDCE) released recently.

Of the total import value of construction materials of over $2.51 billion, the import of essential construction materials was over $1.65 billion, an increase of over 24% ; the cost of steel imports was over $842 million, an increase of nearly 69%; and the cost of cement imports was nearly $17 million, a decrease of nearly 17%.

Giving a broad outlook on the current state of Cambodia’s construction and real estate sectors, Mr. Noun Rithy, Chairman of the Board of KFA Group, said that the sectors primarily focused on four key areas such as housing, industrial and factory development, hospitality, and agriculture.

"Currently, there is a slowdown in the construction of some residential properties. However, while some projects are still underway, the overall pace of construction remains limited," He said.

He point out that: The increase in the import of construction materials is driven by several factors, including the Royal Government’s development of various infrastructure projects, the significant rise in industrial and factory construction, and the expansion of special economic zones, particularly the Phnom Penh Special Economic Zone, which has grown by more than 100 hectares.

"the expansion of these zones has been a significant factor in boosting demand for construction materials." He added.

It should be mentioned that, As in the first 10 months of 2024, Phnom Penh capital has received 516 construction projects with an estimated investment capital of approximately US$1 billion, This according to His Excellency Khuong Sreng, Governor of the Phnom Penh Municipal Government previously stated.

He stated that, the construction sector in Phnom Penh has grown significantly, as evidenced by the presence of satellite cities, commercial buildings, residential buildings, hotels, and luxury condominiums being built continuously. To date, Phnom Penh has 448 Borey-flat house projects and 1,848 high-rise buildings, of which 1,088 are 5-9 storey buildings, 491 are 10-19 storey buildings, 144 are 20-29 storey buildings, 79 are 30-39 storey buildings, and 50 are 40+ storey buildings.