Monday, August 15, 2022
Khmer Daily Cambodia News
34 °c
Phnom Penh
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
The Khmer Daily
No Result
View All Result
Home ASIA Cambodia

Businesses in Cambodia re-opening but sales still down due to COVID-19

December 19, 2020
in Business, Cambodia, National
0
Businesses in Cambodia re-opening but sales still down due to COVID-19
0
SHARES
17
VIEWS
Share on FacebookShare on Twitter
Many businesses in Cambodia have re-opened since June but sales are still down significantly, especially micro, small and medium-sized companies (MSMES), with firms in Siem Reap very badly hit, according to the World Bank’s Cambodia Business Surveys (BPS).

The BPS was taken to understand the economic effects of COVID-19 on companies. It was conducted in June and September and covered more than 500 firms. The survey showed marked signs of reductions in firm closures and sales but the impact is still being felt widely. It added that findings from June and September show that firms continue to face substantial hardship through a variety of channels, with a long road to recovery ahead.

The global COVID-19 pandemic has prompted governments around the world to take measures to reduce the spread of the virus. Lockdowns have mandated non-essential businesses to close or significantly reduce staff at work but, even in the absence of mandatory closures, revenue and businesses operations have faced severe consequences of large negative labour and consumer demand shocks, according to the survey.

Like other countries in the region, Cambodia ordered closures in early April of a range of businesses that presented a high risk of COVID-19 transmissions, such as gyms and fitness centres, spas, cinemas, casinos, karaoke bars and entertainment clubs. With the limited local COVID-19 outbreak, many of these restrictions were lifted in July and August on the condition that additional health precautions be put in place.

“Consistent with the return of domestic economic activity, the findings of the BPS show that firms have continued re-opening their businesses since June. The share of firms that were open has risen from a then high of 81 percent in June to 89 percent in September,” said the survey.

It added that in September, 8 percent of firms remained temporarily closed because of the pandemic, compared with 16 percent in June.

The re-opening progress has not been uniform across sectors. While more than 90 percent of businesses were open in sectors such as manufacturing, construction, utilities, wholesale and retail trade, financial activities and health in June,  businesses in other sectors were very limited in their ability to operate.

“For example,  between 55 percent and 60 percent of firms in accommodation, food services, transportation and storage were open in June. With between 80 percent and 83 percent of firms in these sectors open in September, they have caught up considerably but are still below average. The education sector, at 64 percent, had the lowest share of being open in September.”

Although the majority of businesses have opened their doors, most continue to suffer a large, negative impact on sales. The share of firms reporting a decline in sales in the past 30 days has decreased from its June level of 87 percent to a still high  71 percent in September. In June, firms reported an average decline in sales of 49 percent.

In September, the average change in sales was less severe, but still negative at minus 30 percent. With further reopenings, the rate of sales recovery in Cambodia is overall better than other countries in East Asia and may improve faster, provided the COVID-19 pandemic remains under control without further lockdowns.

Thaung Thyda, the founder of Thaung Enterprise, a salt supplier in Kampot, said her business has seen sales down 50 percent since the pandemic hit. “I believe we are facing the same issue as other SMEs [small and medium enterprises]. Sales slowed because some markets closed down – restaurants, hotels and gift shops,” she added.

Thyda expects sales will resume in the second quarter of 2021. She added that, as a global pandemic,the economy suffered severely, especially in developing countries such as Cambodia.

“At our company, what we can do to overcome this is not to give up and  survive as best we can. We would love to revive our strategy again for nationwide supplies and hopefully we could receive more support both from the social fund and the government,” Thyda added.

According to BPS’s September results, firms’ expectations for future sales were on average 10 percent lower, with many respondents expecting close to no change. In comparison, in June firms expected the change in sales to be 28 percent lower on average during the following six months.

This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
Tags: businesses in CambodiaBusinesses in Cambodia re-openingCambodiaCambodia re-openingKampotsales still down due to COVID-19Siem Reap
Previous Post

Jurassic World in real life? Video of realistic-looking Triceratops goes viral in Indonesia

Next Post

Hyatt Regency Phnom Penh is ready to open its doors in January 2021 as planned

Related Posts

Cambodia earn almost $255 million from dry rubber export in first 7 months of 2022

Cambodia earn almost $255 million from dry rubber export in first 7 months of 2022

by Khmer Times
August 14, 2022
0
16

Cambodia exported 161,562 tons of dry rubber in the first seven months of 2022, a slight drop of 0.3 percent...

Metfone and Mineski Global Company sign MoU to support eSport in Cambodia

Metfone and Mineski Global Company sign MoU to support eSport in Cambodia

by Khmer Times
August 14, 2022
0
14

Metfone and Mineski Global Company signed an MoU to support the eSports sector in Cambodia. The signing of this cooperation...

No salt shortage in Cambodia, says officials

No salt shortage in Cambodia, says officials

by Khmer Times
August 13, 2022
0
9

Officials of the Ministry of Industry, Science, Technology and Innovation said that Cambodia has no signs of a shortage of...

Most Popular

Taiwan’s Premier Su Tseng-chang calls China’s Covid-19 lockdowns ‘cruel’

Taiwan’s Premier Su Tseng-chang calls China’s Covid-19 lockdowns ‘cruel’

May 2, 2022
527
China, North Korea halt border rail crossing over Covid-19 fears

China, North Korea halt border rail crossing over Covid-19 fears

May 2, 2022
527
Thaicom-CAT tie-up for low earth orbit satellite services for Cambodia and other countries

Thaicom-CAT tie-up for low earth orbit satellite services for Cambodia and other countries

July 14, 2020
168
Thai police search for missing monkeypox patient in Phuket

Thai police search for missing monkeypox patient in Phuket

July 23, 2022
38
7.2% Inflation in May records decade’s highest inflation in Cambodia

7.2% Inflation in May records decade’s highest inflation in Cambodia

July 21, 2022
30
Cambodia expects to get $18M by selling nearly 3,000 barrels of crude oil to a Singaporean firm

Cambodia expects to get $18M by selling nearly 3,000 barrels of crude oil to a Singaporean firm

August 10, 2022
28

© 2020 By Khmer Daily News

No Result
View All Result
  • Home
  • Latest
  • Cambodia
  • ASIA
  • World
  • Business
  • Tech

© 2019 The Khmer Daily.

error: Content is protected !!