VIENTIANE, Aug. 9 (Xinhua) -- Laos recorded a trade deficit of 166 million U.S. dollars in July 2023, an increase of 40 million dollars over the figure for June, according to a report on Tuesday from the Lao Trade Portal.
The total value of trade in July was recorded at over 1 billion dollars, of which 429 million dollars were exports and 595 million dollars were imports, said the report.
The country's leading exports included salts, paper products, copper ore, iron ore, mixed gold and gold bars, pulp and paper scrap, sugar, clothing, beverage and footwear.
The main imports included diesel, spare parts, land vehicles, mechanical equipment, steel and steel products, pulp and paper scrap, electronic appliances, plastic products, gasoline, and fertilizer.
China remains the top export destination for Laos, followed by Vietnam and Thailand. Meanwhile, the main importing countries of Laos include Thailand, China and Vietnam, according to the report.
The increasing trade deficit raises the concern of a decline in the country's foreign exchange reserves, and the Lao government is keen to promote domestic production and reduce the importation of products that can be produced domestically, in a bid to boost national economy. ■