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Lao exports to China double in first quarter
The value of Lao exports to China reached more than US$246 million during the first three months of this year (January-March), about double the figure recorded for the previous three months, according to Chinese customs statistics.
From October to December of last year around US$128 m illion worth of Lao goods were imported by China, while just US$115 million were imported in the first three months of last year, according to statistics from the Economic and Commercial Affairs Office of the Lao Embassy to China.
The increase, setting up the highest quarterly figure recorded in the past year, is attributed to the recent takeover of the formerly Australian-owned Xepon mine in Laos by a Chinese investor. The mine exports minerals to China.
“There are no other significant contributors. The export of mining goods from the project to China is the main reason for the increase,” said minister counsellor in charge of economic and commercial affairs at the embassy Mr Khampanh Sengthongkham.
The statistics show that Laos registered a trade surplus with China last fiscal year as the Lao export value reached more than US$562 million, while imports stood at more than US$482 million. The Chinese fiscal year runs from January to December.
A trade surplus was also recorded for the first three months of this year, with Laos importing just US$99.1 million worth of Chinese goods, far less than the export figure of US$246 million.
Laos exports to China comprise mainly gold and copper, wooden furniture, and agricultural products such as sweetcorn, fruit and vegetables.
Laos imports a wide range of products from China such as machinery for production purposes, construction materials and consumer goods.
According to 2009-10 statistics from the Lao Ministry of Industry and Commerce, the total value of Lao exports reached more than US$1.78 billion, with Thailand, Australia and Vietnam the top three export destinations for Laos respectively. Exports for the current fiscal year are forecast to fall slightly to around US$1.22 billion.
Laos imported goods worth more than US$1.67 billion last fiscal year, mainly from Thailand, China and Vietnam. The ministry forecasts that this fiscal year the value of imports will decrease to about US$1.24 billion.
The top three items exported by Laos in terms of value were copper ore, copper and electricity, worth more than US$475 million, US$376 million, and US$288 million respectively last financial year.
On the other hand, fuel (petrol and gas), electrical appliances and materials, and construction materials were the top three valued import items at US$332 million, US$221 million, and US$177 million respectively.
vientiane times
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