Vietnam runs trade deficit with Laos
(VOV) - Vietnam shows a high deficit in trade exchanges with Laos, its close neigbouring country, according to the Vietnam Customs.
Its exports to Laos over the past nine months reached US$329 million, up 12.3% against the same period last year, while imports fetched US$394.6 million, up 10.3%.
Wood and timber products and metals and minerals were two key groups of import items, valued at US$246.7 million and 18.5 million, respectively, and accounting for more than 80% of the total import value.
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The Vietnam Customs reported despite the high export growth, the market share of the Vietnamese products in Laos remains low.
In 2012, Laos ranked 33rd among 200 Vietnam’s importers with a combined value of US$421.4 million, a year-on-year increase of 53.7%.
Vietnam mainly exported steel to Laos, earning US$67.2 million last year and making up 24% of the total. Other products attaining high export value included machinery, equipment and tools.
Meanwhile, Laos shipped US$444.6 million worth of commodities to Vietnam, ranking it 28th among foreign traders with Vietnam and 8th among ASEAN exporters.