Laos trade up by more than 5 per cent

The Industry and Commerce Ministry’s Import and Export Department reported this week that the $4.5 billion figure included exports worth over $1.5 billion – a 4 per cent increase over the same period last year.

Export value rose due to larger shipments of minerals, electricity and wooden products. Thailand was Laos’ main export market followed by China, Vietnam, Japan and India.

The report noted that exports to Thailand were worth about $619.3 million and accounted for 41 per cent of total exports, while goods worth about $416.3 million were exported to China, accounting for 27.5 per cent of the total.

Exports to Vietnam were worth over $261.2 million and accounted for 17 per cent, while goods worth $60.6 million were exported to Japan, comprising 4 per cent. Exports to India were valued at $40.3 million and accounted for 2.7 per cent of total exports.

Mineral exports comprised close to 48 per cent of the total and rose 8 per cent over last year, while electricity exports rose by 3.4 per cent and accounted for 16.4 per cent of the total.

Other industrial products, including garments, accounted for 7.2 per cent, with wooden products taking a 23.3 per cent share, while agricultural exports represented only 5.3 per cent.

Meanwhile, total value of imports exceeded $2.98 billion in the first six months, about 6 per cent higher than the same period last year, the report noted.

Economic growth drove up the need for imports across all sectors. Goods imported consisted mainly of fuel, vehicles, construction equipment, raw materials for industrial production, food, and other supplies.

Imports of fuel and gas accounted for close to 20 per cent of the total, and increased by 1.7 per cent on last year, while imports of vehicles and spare parts accounted for 18.7 per cent and increased by 15.4 per cent.

Materials imported for industrial use accounted for 15 per cent, with construction equipment representing 14 per cent, food 6.4 per cent, and electronic goods 5.4 per cent of total imports.

Imports mainly came from Thailand, China and Vietnam, plus South Korea and Japan.

The value of imports from Thailand climbed to over $1.9 billion and accounted for 67 per cent of the total. Imports from China were worth $534 million and accounted for 18.7 per cent, while goods imported from Vietnam were worth $243 million and accounted for 8.5 per cent of the total.

Imports from South Korea and Japan were valued at $96 million and $64.7 million respectively, accounting for 3.4 per cent and 2.3 per cent of the total.

The report said that based on the government’s five-year national socio-economic development plan (2010 to 2015), exports should grow by an average of 18 per cent per year and imports by 12 per cent each year.