Vietnam-Laos trade turnover in full swing over seven-month period
The initial seven months of the year saw two-way trade turnover between the nation and Laos reach nearly US$949 million, a rise of 24.2% over the same period from last year, according to data compiled by the Vietnam Trade Office in Laos.
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| With 8 pairs of international border gates, economic exchange activities as well as travel, imports and exports between Vietnam and Laos are said to be very favorable. |
This increase can be put down to the country’s growing goods exports to Laos, reaching roughly US$586 million, up 48.2%, as the import of goods from Laos to the nation only hit US$363 million, a fall of 1.6%.
Vietnamese export staples to the Laotian market include gasoline and oil, up 297.2%, vegetables and fruits, up 96.6%; fertilizers of all kinds, up 67.8%; clinker and cement, up 32.4%; electric wires and cables, up 22.4%, paper and paper products, up 14%; ceramics, up 9.9%, and garments and textiles, up 0.1%.
In the opposite direction, the country’s main imports from Laos include fertilizers, up 98.5%; rubber, up 67.7%; timber and wood products up 60.9%; ores and minerals, up 33.8%, and other goods up 33.6%.
July witnessed two-way trade between the two countries climb to nearly US$125 million, up 54.1% on-year, of which Vietnamese export turnover to Laos hit close to US$53.2 million, duly representing a year-on-year rise of 33.9% thanks to strong increases in fruit and vegetable and petroleum exports.
This marks the third consecutive month of an increase in Vietnamese export turnover to Laos, thereby helping pull back the decrease in export turnover from -6% recorded in the first half of the year to only -1.6% in seven months.
Moving forward, the country’s export turnover to Laos is anticipated to continue to rise in August because the Lao economy has stabilised, gasoline prices in the globally market are gradually cooling, and an increasing number of Vietnamese enterprises are heading to Laos, thereby boosting trade connectivity.
Meanwhile, the import of Lao goods into the Vietnamese market will also increase due to the conflict in Ukraine showing no signs of ending.
(Source: VOV)
