Laos sees 640 mln trade deficit in six months

Laos recorded an export of 1.79 billion U.S. dollars and an import of 2.43 billion dollars in the first six months of fiscal 2014-2015, leaving a deficit of 640 million dollars, local media reported on Monday.

Minerals, electric power, garments, agricultural and timber products were the top earners of exports bound for neighbors Thailand, Vietnam and China, followed by Germany, Japan and the Netherlands, according to the Ministry of Industry and Commerce's Import and Export Department.

Fuel, vehicles, construction equipment, raw materials for industrial production, machinery, food and other goods were among the top imports.

Thailand was the top source of imports by value, followed by China, Vietnam, South Korea, Germany and Japan.

According to the country's five-year national socioeconomic development plan for 2010-2015, annual growth in imports and exports is projected at 12 percent and 18 percent, respectively.

Economic growth in the landlocked Southeast Asian nation has boosted demand for imports including fuel and equipment for construction and capacity expansion in capital-intensive sectors such as mining and hydroelectric power generation. Endi