VIENTIANE (Laotian Times): Laos earned an estimated US$1.4 billion from agricultural exports in 2023, exceeding targets set by the government by 20.18 per cent.
According to Deputy Minister of Agriculture and Forestry, Thongphat Vongmany, the value of production in agriculture and forestry in Laos grew by 3.4 per cent in 2023.
In total, 9.74 million tons of crops were harvested, with yields from potatoes, coffee, and bananas rising by 28.6 per cent, 7.5 per cent, and 16.7 per cent, respectively.
Among rare metal earths such as gold bars and mixed gold, agriculture is one of Laos’ main exports, accounting for 21.4 per cent of the country’s gross domestic product (GDP) in 2023.
The government has also continued to negotiate trade agreements on agricultural products and is now able to export 64 types of products, increasing from 48 in 2022.
Of these 33 types of products, 30 are plants and crops—including raw fruits and vegetables, powdered cassava, and other types—and 3 are animal products.
Currently, China is Laos’ biggest trading partner, with the value of all exports exceeding US$200 million in December 2023. Vietnam and Thailand follow suit, with the value of exports reaching US$118.2 million and US$88.2 million, respectively.
Although the overall trade exceeded US$1 billion in December 2023, Laos recorded its eighth consecutive month of trade deficit.
Last month, the small landlocked nation recorded the value of imports at US$703 million, while exports only amounted to US$531 million. - Laotian Times
