MOIT VIETNAM | Vietnam-Laos Trade Value Increases by 16.7% in the First Seven Months of 2024
/ News
Vietnam-Laos Trade Value Increases by 16.7% in the First Seven Months of 2024
According to reports from Lao media, the bilateral trade turnover between Vietnam and Laos reached 1.1 billion USD in the first seven months of 2024, reflecting a 16.7% increase compared to the same period in 2023.
Panoramic view of Vung Ang Port, Ha Tinh.
In particular, Vietnam’s exports to Laos amounted to 355.3 million USD, marking a 14.4% rise year on year. The main exported products included: petroleum products (with a value of 43.6 million USD, a 25.5% increase), iron and steel products (valued at 26.3 million USD, a 6.8% rise), and chemical products (reaching 25 million USD, a significant increase of 851.4%). Additionally, the export of vehicles and spare parts reached a value of 23.3 million USD, indicating a 15.5% increase.
On the other hand, Vietnam’s imports from Laos amounted to 763.8 million USD, up by 17.8% compared to the same period last year. Some of the key imported goods were rubber (119.1 million USD, a 28.3% increase), coal (83 million USD, though a decrease of 28.7%), wood and wood products (59.4 million USD, a slight decrease of 5.9%), fertilizers (55 million USD, an increase of 4.2%), and ores and other minerals (46.6 million USD, a 23.9% increase).
The Trade Information Center under the Lao Ministry of Industry and Commerce estimated the total value of Laos' exports and imports at 1.2 billion USD in July 2024. Approximately 533 million USD was the value of Laos' exports, which included key products such as mixed gold, electrical equipment, potassium salt, rubber, paper, wood pulp, sugar, cassava products, and copper ores.
Meanwhile, Laos' imports during the same period amounted to 687 million USD, consisting mainly of diesel fuel, mechanical equipment, finished chemical products, road vehicles, electrical devices, steel, plastic household items, petroleum products, automobile parts, and beverages.
The top five markets for Lao exports include China, Vietnam, Thailand, the United States, and Australia. The major import markets for Laos are China, Thailand, Vietnam, the United States, and Japan. Despite the increase in trade activity, Laos continued to face a trade deficit in July 2024, with the deficit amounting to approximately 154 million USD, excluding electricity trade figures.
-
/ News / Activities
Affirming the Historic Significance and the Profound Friendship between Vietnam and Laos
On the morning of October 25, in Hanoi, the Ministry of National Defense organized a scientific seminar titled “Vietnamese Volunteer Soldiers and M...
-
/ News / Activities
Vietnam and Laos Strengthen Image Promotion, Trade, and Tourism Initiatives
The Vietnam-Laos Trade Fair showcases over 20 booths from various provinces in Vietnam, as well as some booths from districts in Xiengkhouang Provi...
-
/ News
Implementation Plan for the Memorandum of Understanding on Developing and Connecting Border Trade Infrastructure between Vietnam and Laos
Deputy Prime Minister Bùi Thanh Sơn Signs Decision No. 1247/QD-TTg Issuing the Plan to Implement the Memorandum on Developing and Connecting Border...
Others
