Trade surplus predicted for 2016
Trade surplus predicted for 2016
The total value of goods, imports and exports to Laos is expected to see an overall trade surplus of an estimated US$73 million at the year's end, with data currently available for the first nine months of 2016.
The value of exports is expected to reach US$4.081 billion or 10.29 percent over the plan while the value of imports is expected to reach US$4.008 billion, or 76 percent of the plan, according to the latest figures reported at the National Assembly meeting by the Ministry of Planning and Investment.
The export value is higher as the country has exported more produce overall. Banana production increased 343.7 percent, cassava by 161.5 percent, electricity by 56.5 percent, electrical equipment by 14 percent, copper by 37.9 percent, maize by 48 percent, coffee by 26.5 percent, and rubber by 22 percent.
The import value is lower because some major projects in the country have completed construction and some goods the country produce to supply the domestic market have reduced imports from oversea.
The total value this year is expected to reach US$8.089 billion or about 90.29 percent of the plan for US$9.441 billion.
Laos has recorded a total trade value of US$6.119 billion over the first nine months of 2016.
That was made up of goods exports totaling US$3.157 billion while the value of goods imported to the country was US$3.041 billion, the Ministry of Planning and Investment reported.
The figures showed that this is the first year Laos has recorded a trade surplus after deficits for many years.
The value of industrial processing and handicrafts products reached 4.337 trillion kip, which was an increase of nine percent compared to the previous year.
Industry and handicraft products that the country can produce to supply domestic markets include foods, drinks, clothes, paper and paper products.
The total value of industrial processing and handicraft products this year is expected to reach 5.652 trillion kip or 88.57 percent of the planned 6.380 trillion kip.
Trade between Laos and Thailand has been established over time and is continuing to grow.
The import and export value from Laos to Thailand in 2014-2015 reached US$4.1 billion and reached more than US$2.1 billion over the past six months of 2015-2016.
