Exports to US drop while imports remain steady
Exports to US drop while imports remain steady
The value of goods exported from Laos to the United States has declined over recent years, while imports have remained relatively stable, according to official figures.
In 2013, exports were US$32.7 million, dropping to US$25.8 million in 2014, US$24.2 million in 2015, and US$19.3 million in 2016, according to the Ministry of Industry and Commerce.
The main exports included, apparel, agricultural products and precious metals.
Meanwhile, the value of imported products increased from US$20 million in 2013 to US$22.6 million in 2014, but has remained steady since with US$20.1 million in 2015 and US$20.2 million in 2016, the ministry reported.
Imports included vehicles and spare parts, diamonds, motors and electrical equipment.
For the four years from 2013-2016, overall exported products from Laos to the Netherlands reached over US$283.5 million and almost US$50 million to Canada.
Unfortunately, exports to the Netherlands have been in dramatic decline in recent years, plummeting from more than US$203 million in 2013 to just US$10 million in 2016.
Laos and the United States belong to a number of international organisations, including the United Nations, Asean Regional Forum, International Monetary Fund, World Trade Organisation and World Bank.
Laos acceded to the World Trade Organisation (WTO) in 2013 and is part of the Asean Economic Community (AEC).
Both of these organisations have required and will continue to spur trade and regulatory reforms, which should make the investment climate more attractive to US companies.
WTO and AEC requirements also reinforce fuller implementation of the conditions of the 2005 US-Laos bilateral trade agreement.
The United States and Laos have signed a civil aviation agreement. The two countries also signed a Trade and Investment Framework Agreement in February 2016.
