Laos, Switzerland trade remains moderate
Laos, Switzerland trade remains moderate
The export of diamonds has largely contributed to the bulk of trade between Laos and Switzerland with around US$60 million out of almost US$77 million in exports over the past 4 years, officials have reported.
In the compilation of export values between Laos and Switzerland recently released by the Ministry of Industry and Commerce, the export of diamonds had reached US$24.46 million in 2014 but was down to some US$20 million in 2015.
While the record of last year's export of diamonds to the landlocked European nation was only US$9.62 million, the contribution to the export value between the two nations of diamonds specifically is still significant, according to the ministry's report.
In addition, the second highest product for export to Switzerland was gold items including gold bars with a record of around US$13 million last year; a total of US$78 million from 2013 to 2016. Copper and copper products came in third place with a record of US$1.60 million.
Meanwhile the import of vehicle parts from Switzerland to Laos was recorded at US$17.46 million while US$6.67 million came from the import of medical products with electronic devices and machinery items also contributing.
Switzerland is one of the more important European trade partners for Laos after Germany, the UK and France, among other European countries.
Many Lao products were exported to these countries including wooden furniture as well as a myriad of agricultural products and clothing products.
Similar to trade with Switzerland, vehicle spare parts, electronic devices, medical equipment and machinery tools were imported from several other countries in Europe.
Since Laos has officially become a member of the World Trade Organisation (WTO) in 2013 it has enabled the country to be more acknowledged on the international stage, especially in trade partnership with various countries in Europe.
Moreover, it has also encouraged Laos to improve itself in terms of trade facilitation, regulations and other necessary principles to meet international standards.
