Laos to lose US$483mil in export revenue over COVID-19

  • Laos
  • Saturday, 29 Aug 2020

VIENTIANE, Aug 29 (Xinhua): Laos is likely to lose around US$483.3 million of its export revenue, or 8.4 percent, compared to 2019.

The Laos government had set a target to increase exports to US$6.444 billion.

However, Laos' exports for the first seven months stand at US$2.316 billion, according to the Laos Ministry of Industry and Commerce.

The value of exports in July is better compared to March, April, May and June as the Lao government initiated measures to reopen businesses after the Covid-19 pandemic, local daily Vientiane Times reported on Friday.

The country is still facing a huge trade deficit.

During the first three months of 2020, the country's export revenue stood at US$410 million. It was US$391 million in February and US$343 million in March.

Laos exports during April stood at US$209 million, which increased to 264 million U.S. dollars in May, US$337 million in June, and US$372 million in July.

These figures do not reflect the earnings from electricity exports.

The main exports, include copper ore and copper products, bananas, wood pulp and paper scraps, camera frames and parts, and beverages including water. Laos also exports mixed gold, gold bars, clothing, electrical devices and related equipment and rubber.

China remained the top export destination for Laos, followed by Vietnam and Thailand.

As COVID-19 spread within the country earlier this year, particularly from April to the beginning of May, the government directed factories to suspend operations, which impacted both short and long-term business. - Xinhua
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