Laos, UK figures highlight growing trade links
Laos, UK figures highlight growing trade links
Laos and the United Kingdom (UK) have close diplomatic, trade and investment relations which have boosted significant bilateral trade connections over the past few years.
The value of imported vehicles into Laos from the UK jumped from US$2.35 million in 2013 to US$4.30 million last year, with total vehicle imports for 2013-2016 being worth US$12.97 million.
Meanwhile, total imported goods for 2013-2016 were valued at US$25.99 million, according to data compiled by the Ministry of Industry and Commerce.
However, clothing exports to the UK from Laos plunged from US$43.21 million in 2013 to US$22.75 million last year, with total clothing exports for 2013-2016 recorded at US$137.82 million.
For the 2013-2016 period the value of all exports to the UK was recorded at US$170.49 million.
Exports of shoes and shoe parts to the UK rose from almost US$950,000 in 2013 to US$1.37 million last year.
In addition, Laos exports almost 28 types of products to the UK such as unprocessed tea, coffee beans and sugar.
Last year, Laos imported medicine from the UK worth US$869,707, down from US$1 million in 2015. In terms of exports, shoes placed second after clothing products.
The UK is one of Laos’ most important trade partners from European countries. Currently a wide range of Lao-made goods are targeted for export including clothing, agricultural produce and handicrafts.
Besides the UK, other major European trade partners for Laos are Germany, Switzerland, France, Italy, Denmark and Portugal.
Vehicle spare parts, electronic devices and medical equipment, and machinery tools were imported from several countries in Europe.
The EU’s main exports to Asean are chemical products, machinery and transport equipment while the main imports from Asean are machinery and transport equipment, agricultural products, textiles and clothing.
The EU’s imports from Laos are dominated by textiles, clothing and agricultural products with EU exports to Laos basically dominated by machinery.
