Lao exports to Japan expected to exceed US$53 million
Lao exports to Japan expected to exceed US$53 million
Lao exports to Japan are expected to total US$53 million this year while import values are set to hit US$76 million in fiscal year 2015-2016, according to a recent report.
Japan is currently ranked fifth for Lao exports in terms of major destinations.
In 2008 the value of Lao exports to the Japanese market reached US$80 million, increasing to over US$100 million in 2010 before a steady decline.
The value of Lao exports to the Japanese market reached US$53 million in fiscal year 2014-2015 while imports for the same period were valued at US$79 million.
This year, the total import and export value from Laos to Japan has reached more than US$98 million over the past nine months of 2015-2016.
Of this figure, export values totaled US$39 million while imports reached US$59 million, according to a report from the Import and Export Department under the Ministry of Industry and Commerce .
The main exports included processed and unprocessed coffee, clothing, shoes, electrical components, perfume, herbal and condiment products, processed woods, plastic products, vegetables, crops, white and black charcoal, sports equipment, silk products and beverages.
Laos' main imports from Japan included spare parts, fabric and wood products, wool, vehicles, machinery, iron and steel products, plastic products, clothing, eggs from poultry, furniture products and tractors.
The value of exports and imports from Laos to Japan is forecast to reach more than US$141 million, including US$59 million in exports and over US$82 million in imports.
Besides bilateral trade between Laos and Japan, Japan was ranked as the 7th largest foreign investor in Laos with a total of more than US$438 million in 2014.
The number of Japanese companies in Laos has climbed to 132, which was double the figure recorded in 2012, according to the Japanese Embassy in Vientiane.
In 2015, Japanese businesses operated 22 investment projects in Laos, an increase of two projects compared to the year before.
However the value of Japanese investments more than halved from US$38.49 million in 2014 to US$17.37 million in 2015.
The number of Japanese companies investing in Special and Specific Economic Zones (SEZs), notably in Champassak and Savannakhet provinces, has increased significantly.
In 2014, five projects were operated by Japanese businesses in SEZs with a total value of US$5.43 million, rising to 10 projects in 2015 with a total value of almost US$6 million.
