Export value surges in Phongsaly
Export value surges in Phongsaly
The value of exports produced in Phongsaly province in the first quarter of this year increased 60.5 percent due to the expanding industry and commerce sector.
The value of exports in the first three months of this year reached about 14.9 billion kip compared to 9.2 billion kip for the same period in the previous year, according to the provincial Industry and Commerce Department.
Most of the goods exported were agricultural and non-timber products such as coffee and tea.
Coffee and tea farms account for a large percentage of agriculture in the province and are continuing to grow because an increasing number of farmers are opting to plant the crops.
These crops were among the top earners in the province last year.
Agriculture is the mainstay of the province, which serves as a primary trade gateway between Laos and China, exporting lumber and importing several types of finished goods.
There are also several Chinese manufacturing companies in the province along with other foreign investments.
The province is currently focusing on the development of industry and commerce as a means of boosting income.
The provincial authorities are encouraging the production of goods in remote areas as well as towns in an effort to improve the living conditions of rural residents.
They have also increased cooperation with the private sector for the expansion of trade and investment with foreign countries as well as neighbouring countries.
Border trading has also been expanded, which is helping to create job opportunities and incomes in remote areas.
This growth has allowed people living along the border to participate in the economic development of neighbouring China.
In the first quarter of this year, the value of export products reached 1.66 billion kip and authorities believe it will continue to increase this year.
However, the value of imports also increased as demand rose, especially for construction and electrical equipment such as iron and cement.
The value of imports in the first quarter of last year was 23 billion kip but this year it reached 36.4 billion kip.
