Laos to lose 483 mln USD in export revenue over COVID-19

Laos is likely to lose around 483.3 million U.S. dollars of its export revenue, or 8.4 percent, compared to 2019.

The Lao government had set a target to increase exports to 6,422 million U.S. dollars. However, Laos' exports for the first seven months stand at 2,316 million U.S. dollars, according to the Lao 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 410 million U.S. dollars. It was 391 million U.S. dollars in February and 343 million U.S. dollars in March.

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