Laos, Thailand enjoy continuing surge in trade

The export value is expected to be $1.9 billion, an increase of 46.9 per cent on last year, according to the Ministry of Industry and Commerce’s statistics.
Electricity remained the top export, while copper and copper products ranked second, electricity products placed third, and cassava ranked fourth.
Other goods exported to Thailand included vehicles and spare parts, cabbages, maize, fertiliser, and processed and unprocessed coffee.
The value of imports is predicted to reach $2.7 billion, which will be higher than the value of exports due to the high volume of consumer goods imported.
However, the value of goods exported to Thailand increases every year.
Over the first six months of the year, the import and export value of goods traded was $2.54 billion, with exports valued at $1.15 billion and imports estimated at $1.38 billion.
China is expected to be Laos’ second largest trading partner this year with a total import and export value of more than $2.15 billion, of which exports were worth US$1.33 billion and imports $822 million.
Vietnam is forecast to rank third in terms of trade with Laos. The total value of imports and exports stands at $1.17 billion, of which exports account for $621 million and imports for $554.7 million.
Vietnam, China and Thailand have dominant trade and investment roles in the Lao economy, with participation in certain sectors by the South Korea, France, Japan, Australia, Malaysia, and Singapore.
Laos is expecting to record a trade deficit of $23 million this year despite registering a trade surplus of $42 million in the first six months of the year.
The value of exports should reach $4.45 billion while imports were expected to hit $4.48 billion, according to the Ministry of Planning and Investment.
Exports in the first six months of the year reached $2,378 million or 53.3 per cent of the plan for 2017, with imports at $2,336 million or 52.1 per cent of the target for the year.
The value of exports in the first six months of 2017 was higher than for imports as large quantities of electricity, copper, as well as industrial and agricultural products, were shipped abroad.