MOIT VIETNAM | The amount of money exchanged in trade between Vietnam and Laos is expected to keep growing
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The amount of money exchanged in trade between Vietnam and Laos is expected to keep growing
Vietnam's export turnover to Laos increased sharply in many fields from industry to agriculture and achieved many achievements.
In the first half of 2022, the two-way trade turnover between the two countries Vietnam-Laos reached nearly 700 million USD, an increase of more than 20% compared to the same period in 2021, of which the export and import values both increased sharply.
.PNG)
The main exports from Vietnam to Laos, according to the Vietnam Trade Office in Laos, total 36.5 million USD in iron and steel, 20 million USD in petroleum, fertilizer, vegetables, and fruits, 7 million USD in ceramics, electrical wires and cables, paper, and textiles, about 3 million USD in wood and wood products, and 1.55 million USD in clinker and cement.
Vietnam's main imports from Laos are ores and other minerals with nearly 47 million USD; fertilizers reached more than 42 million USD; wood and wood products reached more than 64 million USD; rubber is more than 86.6 million USD; vegetables and fruits reached more than 4.7 million USD.
In May 2022 alone, two-way trade between Vietnam and Laos reached nearly 132.5 million USD, up 16.5% over the same period, of which Vietnam's export turnover to Laos reached nearly 62.8 million USD. USD, up 0.8% over the same period. And Vietnam's import turnover from Laos reached 69.7 million USD, up 35.5% over the same period.
Export turnover from Vietnam to Laos has increased, but only slightly increased by 0.8% because Laos has only fully opened since May 9. Because the first 3 months of 2022, export turnover decreased, in April only increased by 6.5%, so the total 5 months of export turnover still decreased by 9%.
Import turnover from Laos continues to increase sharply because the demand for these items is still increasing in the world market.
It is expected that in June 2022, export turnover may increase, but only slightly, due to high inflation and high commodity prices, which reduces demand.
On the import side, the turnover still increased because the demand for goods from Laos continued to increase because the conflict in Ukraine showed no sign of ending.
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