Lao trade volume surges in Q1

Total trade volume was 2.35 billion U.S. dollars, reaching 23.5 percent of the target for 2018, according to the Lao Ministry of Industry and Commerce.

The value of exports hit 989 million U.S. dollars or 19.7 percent of the plan, an increase of 1.4 percent compared to the same period last year.

Major exports included copper, video and camera parts, cassava, clothing, electrical equipment, coffee, bananas, rubber and sugar.

Major markets for exports are Thailand, China, Vietnam, Japan, Germany and India, the report quoted the Import and Export Department under the ministry as saying.

Meanwhile, imports reached 1.36 billion U.S. dollars or 27.4 percent of the annual plan, an increase of 22.8 percent compared to last year.

Fuel, vehicles and spare parts, electrical equipment, machinery and construction materials comprised the bulk of imports.

Most imported products came from Thailand, China and Vietnam as well as Japan, South Korea, Indonesia, Singapore and Australia.

However, the figures revealed a trade deficit of 373 million U.S. dollars for the first quarter of the year with a large influx of imported materials to supply infrastructure and hydropower development and domestic production.

Laos expects to record another trade surplus this year with the government promoting exports to the international market. Total exports are expected to reach 5 billion U.S. dollars in 2018 with imports expected to be 4.9 billion U.S. dollars. If these targets are achieved, the nation will enjoy a trade surplus of 37 million U.S. dollars in 2018.