Laos targets US$2b in exports next fiscal year
Laos targets US$2b in exports next fiscal year
The value of Lao exports is expected to reach US$2,178 million next fiscal year, according to a government report.
The report, which is expected to be submitted to the National Assembly's debate session this month, also projects that Laos' import value will hit US$2,730 million in 2013-14. The fiscal year begins in October.
The total trade deficit is expected to be US$552 million or 4.87 percent of GDP.
Officials from the Ministry of Industry and Commerce say the projected trade deficit is due to increasing foreign investment in Laos, especially in the hydropower sector, and will result in a sharp increase in the import of construction materials.
Economists say the trade deficit is a positive sign because foreign investment projects help to sustain economic growth.
According to a report from the Ministry of Planning and Investment, over the first six months of this fiscal year the value of imports and exports combined exceeded US$2,491 million, which is equivalent to 57 percent of the government's annual plan. This marks an increase of 28.7 percent from the same period last year.
According to the Deputy Minister of Planning and Investment, Dr Khamlien Pholsena, over the first six months of this fiscal year the value of exports reached US$880 million. This is a decrease of 0.96 percent when compared to the same period last year, or 42.7 percent of the annual plan.
He said the total value of imports was about US$1,161 million, which was an increase of 15.79 percent, or 50.2 percent of the plan.
The trade deficit over the first six months of this fiscal year is more than US$280 million, which is equivalent to 2.8 percent of GDP.
vientiane times
