The total value of trade in July this year of Laos recorded more than 1 billion US dollars, according to a report from the Lao Trade Portal.
The export value recorded 429 million US dollars and 595 million US dollars of import as a trade deficit of 166 million US dollars.
Major leading export of the country included potassium, paper products, gold ore, iron ore, mixed gold, gold bars, cooper ore, pulp and paper scrap, sugar, clothing, beverage and footwear.
The main imports included diesel, spare parts, land vehicles, mechanical equipment, steel and steel products, pulp and paper scrap, electronic appliances, plastic products, gasoline, fertilizer and others.
China remains the top export destination for Laos, followed by Vietnam and Thailand. Meanwhile, the main importing countries of Laos include Thailand, China and Vietnam.
The increasing trade deficit raises the concern of a decline in the country’s foreign exchange reserves, and the Lao government is keen to promote domestic production and reduce the importation of products that can be produced domestically, in a bid to boost national economy.
Source: Lao News Agency
