Monday, April 24, 2017

Laos clothing products in demand by European markets

By:  Vientiane Times, April 24, 2017

According to the latest data compilation from the Ministry of Industry and Commerce, Laos has been exporting its garment products to most of Europe while Germany has become one of the country’s most important trade partners because of the value of bilateral trade found in the data recently released by the ministry.

From 2013-16 the Lao garment products exported to Germany were worth over US$221.31 million while unprocessed coffee products came in second with a value of more than $26 million.

In fact Laos has exported over 40 products to Germany; including agricultural products, handicrafts and beverages with a value of more than $262.38 million.

At the same time, some 48 products have been imported from Germany to Laos with a net worth of over $107 million as well as the import of machinery valued at $30.74 million, according the ministry’s report.

Meanwhile the majority of imported products from other European countries remains vehicle parts, machinery and agricultural vehicles.

Along with Germany, Lao garment products were also sent to other European countries including the United Kingdom, Italy, France, Portugal, Spain and Denmark.

In addition to the export of garment products Laos also exported gold bars to Switzerland, worth over $13.78 million and diamond accessories valued at more than $60.43 million over the past four years.

Laos and the European Union (EU) also have a bilateral trade cooperation agreement allowing a number of Lao products, mostly the woven textiles and clothing, to currently be exported to most of Europe.

The EU is committed to fair trade and open markets and is the world’s largest trading partner and the main destination for exports from 130 countries worldwide. It therefore has a strong interest in creating conditions in which trade can prosper, an EU statement said.

Facilitating trade is also an important part of the EU’s strategy to foster development and reduce poverty, it added.

EU cooperation also helps Laos develop its trade policy and capacity so as to maximise its economic development and poverty reduction as well as help it integrate into the world economy. Trade cooperation in this regard aims at improving market access on a preferential basis and assisting the beneficiary country in improving the structures and means of exploiting this market access.

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