Vietnam-Laos trade turnover enjoys sharp rise in first half

According to details given by the Vietnam Trade Office in Laos, the country’s major export items to Laos include petroleum, fruit and vegetables, fertiliser, electric wire and cable, cement clinker, paper and paper products, garments and textiles, and products from ceramics which all saw increases during the reviewed period.

Major Vietnamese imports from Laos include ores and minerals. June saw two-way trade between both sides reach nearly US$134 million, representing an annual increase of 29.9%, of which export turnover reached close to US$54.6 million, up 11.1% over the same period from last year.

Following on from the momentum recorded in the previous month, a number of commodities continued to enjoy strong increases, including fruit and vegetables, gasoline, paper and paper products, cement clinker, electric wires and cables, and coffee.

During the reviewed period Vietnamese import turnover from Laos hit more than US$79.2 million, an annual rise of 47.1%. Some of the items which saw an increase include fertilisers of all kinds at over US$ 3.65 million, rubber at over US$22.7 million, timber and wood products at nearly US$11.4 million, and other goods at more than US$35.2 million.

The country’s export turnover to Laos therefore soared by 11.1%, mainly due to a sharp increase in petroleum exports. In contrast, import turnover from Laos continued to increase due to the demand for these products continuing to increase in the global market.

Moving forward it is projected that export turnover can maintain growth momentum in July because the Laotian economy has temporarily stabilised after the Government approved a credit package of 200 million litres of petrol and oil, whilst foreign currency trading has become tighter. As a result, many Vietnamese businesses have come to Laos to boost trade connectivity.

In terms of imports, trade turnover also increased as the demand for goods from Laos continued to witness an increase.