VIENTIANE, March 10 (Xinhua) -- The Lao government is aiming for a trade surplus of at least 1.55 billion U.S. dollars in 2022, despite the country's economic difficulties triggered by the COVID-19 pandemic.
The value of exports is projected to reach 7.6 billion U.S. dollars while the value of imports is forecast at 6.05 billion U.S. dollars, according to a recent report from the Prime Minister's Office, quoted by the Vientiane Times on Thursday.
To achieve this goal, the government has pledged to boost agricultural production and the processing of goods for export, especially to China, whose markets can now be more easily accessed via the China-Laos railway.
The sectors involved have been instructed to help businesses access funding, apply science and technology to production, and help producers to find markets.
In recent decades, the government has attempted to increase exports while minimizing imports so as to earn more foreign currency.
In 2021, Laos recorded a trade surplus of 1 billion U.S. dollars, with the value of exports amounting to 7 billion U.S. dollars and imports valued at 6 billion U.S. dollars.
Laos' main exports come from the mining industry, as well as paper products, wood pulp, garments, rubber, cassava, bananas, and other agricultural products.
Meanwhile, the main imports are fuel, vehicles, mechanical equipment, spare parts, steel products, pharmaceuticals, plastic products, electrical appliances, food items, camera equipment and wood products.
China has become a key export market for Lao goods, especially agricultural produce, following the opening of the China-Laos railway at the end of 2021. ■