Laos enjoys 400 million USD of trade surplus with Vietnam
Laos enjoyed over 400 million USD in trade surplus with Vietnam in the first six months of this year, excluding trade on power, according to Laos’ Ministry of Industry and Commerce.
Vientiane(VNA) – Laos enjoyed over 400 million USD in trade surplus with Vietnam in thefirst six months of this year, excluding trade on power, according to Laos’Ministry of Industry and Commerce.
The ministry reportedthat in the period, Laos earned about 620 million USD from exporting goods toVietnam, while importing about 216 million USD worth of goods from theneighbouring country.
Meanwhile, Laos’export revenue generated from the Chinese market in the first six months ofthis year hit 1.13 billion USD, while imports were 680 million USD.
However, the countrysuffered trade deficit with Thailand, with exports of 565.5 million USD andimports of 1.6 billion USD, according to the ministry.
It said that Vietnamis a major foreign investor and trade partner of Laos.
Last year, tradebetween Laos and Vietnam reached 1.37 billion USD, up 33 percent year on year,including Vietnam’s imports of 780 million USD, a surge of 70 percent over theprevious year.
Vietnam mainly exportsto Laos iron and steel, fuel, fertilisers, vegetables, ceramics, electricalwires, paper, and textiles, while importing ores and other minerals,fertilisers, timber and wood products, rubber and vegetables from theneighbouring country./.
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Enterprises of Vietnam have been recommended to diversify markets, including nearby countries, to promote exports, which are bouncing back strongly but also facing certain headwinds.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Illustrative image (Source: AFP/VNA) 
