The total combined value of Laos’ imports and exports last year reached $11.258 billion, an increase of 16 per cent compared to 2017. VIENTIANE TIMES/ASIA NEWS NETWORK
Laos’ combined exports and imports for this year are struggling to achieve the target after figures for the first four months of the year reached only 22.7 per cent of the plan for this year, the National Assembly (NA) reported.
“The NA approved a total of $11.291 billion as the trade target for 2019 but in the first four months the value of trade amounted to $2.573 billion,” Prime Minister Thongloun Sisoulith said when addressing the opening session opening of the National Assembly last week.
The figure for imports was around $1.217 billion or 21 per cent of the NA-approved $5.775 billion target, he said.
The main imported products were petroleum – aviation fuel, diesel and gasoline – vehicles and vehicle parts, electrical appliances, machinery and mechanical equipment, and construction materials.
Exports reached $1.356 billion or 24.5 per cent of the NA-approved $5.516 billion target, with the main export products being electricity, ore, copper, cassava, clothes and electrical equipment, Thongloun said.
Imports mostly came from Thailand, China, Vietnam, Japan, South Korea, Indonesia, Germany, India and the US, with exports bound for China, Thailand, Vietnam, India, Japan, Germany, the US, Sweden and Switzerland.
The total combined value of imports and exports last year touched $11.258 billion, an increase of 16 per cent compared to 2017.
Imports reached $5.410 billion, an increase of 21 per cent, and exports hit $5.848 billion, an increase of 10.9 per cent compared to 2017.
The country faced a trade deficit with more goods imported than exported, especially construction materials, fuel, vehicles and other items. This resulted in a trade deficit of $437 million last year.
Small businesses still produce most products with local operators often having limited experience in exporting.
However, the data shows that exports to Thailand and China are expected to increase this year, according to the Ministry of Industry and Commerce.
Last year, exports to Thailand rose to $2.537 billion with this year expecting to earn $2.544 billion. Exports to China reached $1.406 billion last year with $1.510 billion targeted this year.
Meanwhile, exports to Vietnam are expected to drop from $885 million last year to about $757 million this year. VIENTIANE TIMES/ASIA NEWS NETWORK
