Vientiane (VNA) ✃– Laos' total import-export value in June hit nearly 1.23 billion USD, a 13% increase from May, the Lao Trade Portal (LTP) has reported.
Of which, imports reached 680 million USD while exports brought home 547 million USD, according to the centre. Despite a trade deficit of 133 million USD, the export value increased 13% from May, showing the Lao economy is on a recovery.
Key export items included potassium salt (80 million USD), mixed gold (67 million USD), paper (40 million USD), rubber (29 million USD), copper ore (27 million USD), wood chips (23 million USD), sugar (17 million), cassava flour at (16 million USD), bananas at (12 million USD, and cassava (8 million USD).
China led Laos's export markets, with 199 million USD, followed by Vietnam with 115 million USD, Thailand 100 million USD, the US 20 million USD, and Switzerland 18 million USD.
The country's June import value rose 7% compared to the previous month. Major imports were diesel fuel, road transport vehicles (excluding motorcycles), machinery and equipment, and electrical and electronic equipment.
Its top import markets included China, Thailand, and Vietnam with 271 million USD, 258 million USD, and 63 million USD, respectively./.
Laos's export of agricultural produce in the first three months of 2023 topped 3 million tonnnes, worth more than 507 million USD, surpassing 50% of the target for the whole year.
Lao Ministry of Industry and Commerce (MTC) has proposed measures to promote the country’s domestic production and reduce imports, during the ongoing 5th ordinary session of the 9th National Assembly.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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