PHNOM PENH: According to the General Department of Customs and Excise, Cambodia spent more than 301 million US dollars on iron and steel imports to fulfill a domestic need in the first ten months of 2022, an increase of more than 22% in comparison to the same period in 2021.

Experts believe that the increase in iron and steel material imports reflects domestic demand for the growth of construction projects and the readiness for supply in 2023.

According to the General Department of Customs and Excise’s Imported Goods Reports released on November 10, iron and steel imports totaled $ 301.868 million in the first ten months of 2022, a 22.3% increase over the same period in 2021 of $245.088 million.

The iron and steel imports accounted for approximately 1.2 percent of Cambodia’s total import spending, totaling more than $25.817 million.

Only in October, imports of iron and steel totaled $30.09 million, a 60.8 percent increase from $18.711 million in the same period last year.