Value of Lao imports dips in 2019: report

Source: Xinhua| 2020-02-27 12:19:30|Editor: zh
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VIENTIANE, Feb. 27 (Xinhua) -- The value of products imported by Laos declined slightly to 5.7 billion U.S. dollars in 2019 from 5.8 billion U.S. dollars in 2018.

According to recent data compiled by the Lao Ministry of Industry and Commerce, the value of imports increased from 2013 to 2019.

The most imported products are divided into more than 10 categories, coming from countries around the world, local daily Vientiane Times reported on Thursday.

The top five categories of imported goods were construction equipment, fuel and gas, items used in industry, electronic products, vehicle parts, and food.

The key export goods were industrial products, electricity, mineral items and agricultural produce.

In 2019, Laos made a significant improvement in earnings from exports, with the figure increasing to more than 5.6 billion U.S. dollars from 5.4 billion U.S. dollars in 2018, according to the report.

Two-way trade volume was recorded at more than 11.3 billion U.S. dollars in 2019, up from more than 11.2 billion U.S. dollars in 2018.

Additionally, the trade deficit significantly decreased from 437.8 million U.S. dollars in 2018 to 137.4 million U.S. dollars in 2019.

Thailand, China and Vietnam have dominant trade and investment roles in the Lao economy, alongside participation in certain sectors by South Korea, France, Japan, Australia, Malaysia and Singapore.

Thailand, a longstanding trade partner with Laos, continues to hold the top spot with electricity being its largest import from Laos.