Vietnam-Laos trade turnover increases sharply in January

At Lao Bao International Border Gate (Photo: VNA)

Vientiane (VNA) – The Vietnam - Laos trade turnover in January increased by 75.8% over the same period in 2023, reaching 174.4 million USD.

Specifically, Vietnam's exports to Laos were valued at 56.8 million USD, surging 104.4% year-on-year, with h increases seen for most main export items. Among them petrol and oil product earned 11.6 million USD, up 276%, iron and steel products brought home 5.44 million USD, up 176.6%, transport vehicles and spare parts 4.3 million USD, up 118.7%.

Meanwhile, imports from Laos were worth 117.6 million USD, an increase of 64.7% over the same period in 2023. The country spent 27.4 million USD to buy rubber from Laos (up 107.2%), 11.2 million USD on wood and wood products (up 62.2%), 9.2 million USD on minerals, and 8.5 million USD on maize (up 19%), among others.

With the strong trade growth in January, Vietnam - Laos trade in 2024 is expected to reach or exceed the target growth rate of 10 - 15% that the leaders of the two countries set at the 46th meeting of the Vietnam-Laos Intergovernmental Committee in early January. 

Last year, their bilateral trade turnover reached 1.6 billion USD./.