Laos records significant trade growth in 2023
Laos recorded a significant surge in its annual trade last year, reaching over 15.5 billion USD.
Electricity exports propel Laos to trade surplus, marking record growth. (Photo: laotiantimes.com)The figures, released by the Lao Trade Portal, highlight a 3.5% increase compared to the previous year. According to the data, the country witnessed a notable rise in both export and import activities throughout 2023.
Its export value amounted to approximately 8 billion USD, marking a 3.5% rise over 2022, while imports surged by over 7 billion USD, up 5% year-on-year.
The top five export items in the year were electricity, gold bullion, paper and paper products, gold ore, and iron ore.
Meanwhile, diesel emerged as the top imported commodity, valued at 952 million USD, followed by mechanical equipment, land vehicles, iron and steel products, and gasoline.
The country’s trade surplus surpassed 1 billion USD for the annual trade, a positive indicator amidst global economic fluctuations.
Thailand emerged as the leading export destination with 2.8 billion USD, closely followed by China, Vietnam, Australia, and Cambodia. Thailand has also claimed the top spot as Laos’ primary import source, with 3.3 billion USD, followed by China, Vietnam, the US, and Japan./.
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