Cassava Dominates Lao Exports Despite Trade Deficit: January 2024 Overview
Cassava emerged as the leading export product in Laos in January 2024, continuing a trend observed in the previous year, according to Lao government reports. Laos faces a trade deficit exceeding USD 188 million in January 2024, with exports valued at USD 561 million and imports at USD 749 million. Top exported products include cassava (USD 94 million), gold ore and gold bullion (each at USD 44 million), paper products (USD 39 million), and rubber (USD 32 million). China stands as the primary export destination for Lao products, with trade worth approximately USD 198 million, followed by Thailand (USD 134 million) and Vietnam (USD 129 million). Diesel emerges as the most imported product (USD 95 million), followed by chemical products, mechanical equipment, land vehicles, and electrical appliances. Thailand leads as the top import source for Laos (USD 309 million), followed closely by China (USD 298 million), with Vietnam, the United States, and Japan also featuring prominently. Despite robust export performance, Laos grapples with economic challenges, with inflation rates soaring to 25.35 percent in February. Price increases in necessities, such as drinking water, present hurdles for Lao residents, compounded by sluggish adjustments in employee salaries to offset the rising cost of living. The total value of Lao PDR's imports and exports in January 2024 stands at approximately USD 1,311 million, excluding electricity trade.
Source: https://laotiantimes.com/2024/03/19/cassava-leads-lao-exports-in-january-2024-amid-trade-deficit/