Laos hopes trade value will continue surging
Laos hopes trade value will continue surging
Laos saw a trade value at more than 50.6 trillion kip (US$6,198.95 million) in imports and exports in the first nine months of this year, according to a recently released report.
Meanwhile next year the government expects trade to keep surging and predicts a value of around 72.99 trillion kip (US$8,941 million).
The trade value in the nine months of this year included an export value of around US$3,157 million and imports of around US$3,041 million.
The figures were detailed in a socio-economic development summary that was reported by the Minister of Planning and Investment, DrSouphanhKeomixay at the second ordinary session of parliament's 8th Legislature, which opened on Monday.
The export value represented a 23.1 percent increase compared to the plan; however the import figure was around a 12.3 percent decrease, the report noted.
The main exports were electricity, electrical equipment, copper ore, processed agricultural products and crops, such as maize, bananas, rice and livestock.
The import value dropped due to some major constructions projects having been completed, causing a reduction in construction material imports.
Another reason is that some construction equipment can now be produced locally.
So, overall the trade deficit was around US$115.05 million in the nine months of this year, the report noted.
Next year, the government expects a trade value of about 72.99 trillion kip (US$8,941 million) and the trade deficit not to be higher than US$23 million or equal to about 0.14 percent of GDP.
Next year's trade value will include about US$4,459 million in exports and about US$4,482 million in imports.
The Ministry of Industry and Commerce (MOIC) reported recently that so far Laos has trades and services cooperation with more than 70 countries, with the bulk of the trade coming under the agreements of the Asean free trade area.
Laos also has the trade agreements with countries in the Asia-Pacific and receives trade priority under the Generalised Scheme of Preferences (GSP) in both developed and developing countries.
The developed countries include Australia, Canada, the EU, Japan, Turkey, South Korea, New Zealand and Switzerland; and the developing countries include Russia, Belarus, Kazakhstan, China, India and Taiwan of China.
The MOIC reported recently that Lao exports in the fiscal year of 2014-15 were more than US$3.42 billion and the imports were over US$4.4 billion.
In fiscal year, 2013-14, Laos had a trade value of more than 66.28 trillion kip (US$8,115 million), including exports to 76 countries with a value of about US$3,433.7 million.
Meanwhile goods were imported from 73 countries and worth around US$4,680.8 million, the ministry reported.
The main export products were mineral ores and processed ore, electricity, garments, rubber, tapioca, sugar, wooden products, maize, coffee and bananas.
The major imported products are construction equipment, vehicles and spare parts, fuel, industrial products and electrical equipment.
However the trade value was only over 555 billion (US$68 million) in 1975-76, including the export value of about US$12 million and the import value was around US$56 million, the ministry noted.
