Vietnam-Laos trade increases by 19.2% in Q1
Two-way trade turnover between Vietnam and Lao topped US$403 million in the first quarter of this year, up 19.2% over the same period last year, according to the Vietnamese Trade Office in Laos.
Of which, Vietnam's export revenue hit US$130 million, down 18% over the same period, while its imports from Laos picked up 52.4% year-on-year to US$272 million.
Commodities that enjoyed high growth in the period include fertiliser, petrol, electric wire and cable with year-on-year rises of 161.6%, 142.3% and 42.5%, respectively.
Items that experienced a drop in export revenue include coffee with 80.7%, common metals and finished products with 76.6%, wood and wooden products with 49.7%.
Data from the trade office showed a rise in revenue of all items imported from Laos. Notably, Vietnam spent more than US$28 million importing Lao ore and minerals, 405% higher than the same period last year.
It attributed the decrease in Vietnam's export turnover and rise in import turnover in the first quarter of this year to the fact that prices of products imported from Laos have surged due to a scarcity in supply caused by the Russia-Ukraine conflict.