VIENTIANE (Laotian Times): Cassava emerged as the leading export product in the initial month of this year, according to reports from Lao government sources. Continuing a trend observed in 2023, Laos faced a trade deficit surpassing US$188 million in January this year.
The latest statistics reveal that the value of exports reached US$561 million, while imports surged to US$749 million during the first month of 2024.
Cassava led the way in terms of exports, with a value of US$94 million. Other top exported products include gold ore and gold bullion, each at US$44 million, paper and paper products at US$39 million, and rubber at US$32 million.
While the trade deficit remains a concern, it is essential to note that the report does not factor in the value of electricity trade.
China emerged as the primary export destination for Lao products, with trade amounting to approximately US$198 million. Thailand and Vietnam followed closely behind at around US$134 million and US$129 million, respectively.
On the import front, diesel was the most imported product, accounting for US$95 million. Chemical products, mechanical equipment, land vehicles, and electrical appliances also made substantial contributions to the import figures.
Among the top import sources for Laos, Thailand led the way, with imports worth US$309 million. China followed closely behind at US$298 million, with Vietnam, the United States, and Japan also featuring prominently in the report.
Despite the strong export performance, Laos continues to face severe economic challenges exacerbated by rising inflation rates. In February, inflation surged to 25.35 per cent, marking an increase from January’s 24.44 per cent.
This pressure has led to price hikes in basic necessities, particularly evident in the recent announcement of the rise in the cost of drinking water in Vientiane.
Meanwhile, Lao residents are also confronted with a significant challenge as companies in the country are slow to adjust employees’ salaries to cope with the rising costs of living. - Laotian Times
