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Laos Enjoys US$42 Million Trade Surplus In February

Source: Vientiane Times

Laos recorded a trade surplus of US$42 million in February even though the value of goods sold to the country’s two main trading partners, China and Vietnam, dropped compared to January.

The total value of imports and exports amounted to US$849 million, of which exports accounted for about US$446 million and imports about US$404 million, according to the Ministry of Industry and Commerce.

The value of exports to China decreased from US$167.4 million in January to US$150.5 million in February, while the value of goods sold to Vietnam fell from US$121.2 million to almost US$99 million.

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However, the value of goods sold to Thailand increased from US$90 million to US$105.6 million, excluding the amount earned from the sale of electricity.

Laos’ main export products are copper ore, copper and copper products, bananas, frames (camera parts), poured gold (gold bars), cassava, clothing, coffee (unprocessed), rubber and fruit (watermelon, passion fruit and tamarind).

The main import products are vehicles (except motorcycles and tractors), diesel, mechanical equipment, steel, steel products, magnetic steel, auto parts, gasoline, plastic products, sugar, chemical products, and fibre waste and waste from the food industry.

Laos’ main exporting countries are China, Vietnam, Thailand, India and Japan, while most imports come from Thailand, Vietnam and Japan.

Even as the Covid-19 pandemic is raging in Asia and other parts of the world, the Lao government is continuing to apply precautionary measures to protect the lives of its people and ensure the macroeconomy remains under control.

Trading between Laos and neighbouring countries, particularly Thailand, China and Vietnam, is reopening and facilitating business due to the almost total absence of the virus in Laos.

However, trading operations at border crossings are tightly controlled by the national Covid-19 taskforce to prevent the spread of the virus into Laos, given the rise in cases in some other Asean countries.