Trade deficit in Laos reach 137 mln USD in 2019

Source: Xinhua| 2020-02-10 13:37:21|Editor: Xiaoxia
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VIENTIANE, Feb. 10 (Xinhua) -- Laos recorded a trade deficit of 137 million U.S. dollars in 2019 even though the value of exports exceeded the yearly plan, according to Lao Ministry of Industry and Commerce.

Exports were targeted to hit 5,516 million U.S. dollars but achieved 5,603 million U.S. dollars, while imports were planned to reach 5,775 million U.S. dollars, with 5,740 million U.S. dollars recorded, local daily Vientiane Times reported on Monday.

The country's leading exports include electricity, copper ore, copper and accessories made of copper, wood pulp, camera parts, beverages, rubber, livestock, cassava, mixed gold and gold bars, clothing, bananas, electrical machinery and equipment, fruit and nuts.

The main destinations for exports are Thailand, China, Vietnam, India, Japan, Germany, the United States, Sweden, Switzerland, Italy, Belgium and Britain, according to the report.

The chief imports are fuel, vehicles other than tractors and motorcycles, iron and steel products, mechanical appliances, insulated wire, cable, electrical machinery and equipment, plastics, bars and steel rods and formed structural steel sections, vehicle parts, and communications equipment.

The main countries supplying these goods are Thailand, China, Vietnam, Japan, South Korea and the United States.

Electricity continues to be Laos' major revenue-generating export. Laos currently exports electricity to Thailand, Cambodia and Vietnam, with Thailand being the largest importer of energy.

Lao government has set a combined trade target of 13,037 million U.S. dollars in 2020, with a deficit of 193 million U.S. dollars.

Exports in 2020 are expected to reach 6,422 million U.S. dollars and imports 6,615 million U.S. dollars, according to a report by the planning and investment sector, which held a meeting in Lao capital Vientiane on Monday.