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Laos records significant trade growth in 2023

Laos recorded a significant surge in its annual trade last year, reaching over 15.5 billion USD.
Laos records significant trade growth in 2023 ảnh 1Electricity exports propel Laos to trade surplus, marking record growth. (Photo: laotiantimes.com)
Vientiane (VNA) - Laos recorded a significantsurge in its annual trade last year, reaching over 15.5 billion USD.

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 activitiesthroughout 2023. 

Its export value amounted to approximately 8 billionUSD, 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 wereelectricity, gold bullion, paper and paper products, gold ore, and iron ore.

Meanwhile, diesel emerged as the top importedcommodity, valued at 952 million USD, followed by mechanical equipment, landvehicles, iron and steel products, and gasoline.

The country’s trade surplus surpassed 1 billion USDfor the annual trade, a positive indicator amidst global economic fluctuations.

Thailand emerged as the leading export destinationwith 2.8 billion USD, closely followed by China, Vietnam, Australia, andCambodia. 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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