Cambodia 2023. Car Sales Jumped 10% At New All Time Record

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Cambodia auto market kept growing in 2023. Full Year sales increase 10.9% sustained by a solid GDP growth and strong consumer demand. While Chinese OEMs are gaining terrain, Toyota leads the ranking, ahead of Mitsubishi.

Economic Environment

The Cambodian economy continues to recover from the pandemic with growth projected at 5.3 percent in 2023. Risks to the outlook stem from external challenges and weakness in parts of the real estate sector.

Fiscal policy is appropriately expansionary this year and the deficit should start to decline in 2024. Despite a small projected increase in public debt to GDP over the medium term, risks of debt distress remain low.

Monetary and financial measures implemented during the pandemic should continue to be fully normalized as the output gap closes, inflation remains moderate and private sector debt levels are high.

Auto Market in 2023

The Cambodian car market is in a positive pathway since he end of the Covid19 emergency and is hitting a record any year.

In 2023 sales increase at 33.683 (+10.9%) posting the third growth in a row.

Medium-Term Market Trend

Following a rapid growth, the market had reached the highest sales level in 2019. Pushed by the combined effect of the reduction of grey market and strong consumer demand in that year the industry hit the new all-time record, the 10th in a row, with full-year sales landing at 23,655 unit.

Sales in 2020 have been heavily influenced by the COVID-19 pandemic, impacting all sectors. In fact, 18,718 units have been sold, reporting a decline of 20.9%.

However, the market reacted immediately after the end of the emergency, recovering both in 2021 and in 2022, when was over the 30.000 units for the first time.