The trade balance surplus in Lao PDR reached USD 9,345 million in 2017.
The Department of Import-Export, Ministry of Industry and Commerce, has reported that in 2017 the industrial processing sector has expanded to a value of worth 8,942 billion kip, an increase of 4.15% compared to the year 2016.
Domestic goods in circulation, such as textiles, clothing, sport wear and equipment, construction materials, goods used for traditional ceremonies, consumables, and others, were worth 51,687 billion kip, increased 15.10% compared to 2016. The core exported goods of Lao PDR in 2017 were electricity, copper, gold, industrial goods, unprocessed coffee, rubber, cassava and corn.
The main sources of imported goods for Lao PDR in 2017 were the neighboring countries Thailand, China and Vietnam in addition to other trade partner such as India, Japan, Germany and USA. The core imported goods were: fuel, steel and prefabricated steel products, machinery, electric appliances, and spare parts for vehicles.
The Ministry of Industry and Commerce’s 2018 development plan is divided into 3 intensive programs:
- regional and international economic integration plan and trade cooperation framework focusing on the opening of markets to other nations, especially the ASEAN member nations, and ASEAN Plus Three negotiating parties;
- creation of favorable conditions for business establishment and operation in Lao PDR in accordance with the roles and duties of the Ministry of Industry and Commerce; and
- establishment of domestic enterprises, especially small and medium enterprises, to have the capacities to handle growing competition and to integrate into the supply chain of goods in the regional and international trade system.