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Laos earns more from rice exports to China

Laos has earned more from rice exports to China in the past few years due to trade preference arrangements between the two countries.
Laos earns more from rice exports to China ảnh 1 Farmers plant rice on a field in the outskirts of Vientiane, Lao (Photo: AFP)
Hanoi (VNA) - Laoshas earned more from rice exports to China in the past few years due to tradepreference arrangements between the two countries.

In 2017, Laos raked in 5.6million USD from rice exports to China. This figure increased to 7.25 million USDin 2018 and to 14.54 million USD last year, according to the Lao Ministry ofIndustry and Commerce.

The Chinese market has becomemore attractive to businesses across a range of fields. This is driven byrapidly changing demographics in China, along with rising incomes, increasedconsumer spending and an increasingly open business environment.

The trade preferences which Laosand China are party to include the ASEAN-China Free Trade Agreement (ACFTA). Asa result, trade growth between Laos and China has sharply increased,particularly under the ACFTA.

Laos has an export quota of50,000 tonnes of polished rice from the Chinese government. However, theeffects of natural disasters may pose challenges for Lao rice exporters inmeeting the target.

China is the biggest importer of ricefrom Laos, and the second-biggest trading partner of the Southeast Asiancountry./.
VNA
#Laos #China #rice exports #Chinese market #consumer spending #ASEAN-China Free Trade Agreement #Lao rice exporters #vietnamplus #Vietnam News Agency China Laos
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