Thursday, July 22We Deliver News To You

Indonesia Expects Balanced Trade with China

Indonesia Expects Balanced Trade with China
Indonesia Expects Balanced Trade with China

JAKARTA – Indonesian Foreign Minister Retno Marsudi conveyed the importance of seeking an increased and more balanced trade with China, during a meeting with Chinese Foreign Minister Wang Yi.

“In this regard, I welcome the increase in Indonesia’s exports to China last year by more than 10 percent. At a time when the global economy is facing severe shocks due to the pandemic,” said Retno during a joint press statement with Wang Yi in Jakarta, Wednesday (13 / 1).

In addition, Foreign Minister Retno also underlined the need to overcome trade barriers. Especially those concerning market access for exports of Indonesia’s superior products to China. Such as fishery products, tropical fruit, bird’s nest, and oil palm.

The trade balance deficit between Indonesia and China during the January-November 2020 period decreased by 66.67 percent.

Indonesia Still Experiencing a Trade Deficit from China

However, based on information from the Indonesian Embassy in Beijing compiled by ANTARA. During that period Indonesia still experienced a deficit of US $ 3.2 billion (around Rp.45.4 trillion) in trade with China. Although the number was decreasing. sharp compare to the same period in 2019. Which reached 9.6 billion US dollars (approximately IDR 135.9 trillion).

From the export side, the value of Indonesia’s exports to China throughout 2020 was recorded at 33.1 billion US dollars (around Rp 459.8 trillion).

Indonesia is in the 14th position of exporting countries to China. With the main commodities of iron and steel, paper and cardboard, copper, footwear, rubber, and aluminum.

Apart from trade, Foreign Minister Retno also mentioned the importance of the two countries to continue to increase quality, environmentally friendly, investment cooperation that can absorb Indonesian workers.

One of the concrete collaborations that has been agreed upon is a feasibility study for the construction of the Lambakan Dam in East Kalimantan. The signing of the cooperation document was carried out on the sidelines of Foreign Minister Wang Yi’s visit to Indonesia.

According to Wang Yi, Indonesia and China have developed economic cooperation that demonstrates the stability of industrial and supply chains. As well as trade and investment cooperation that continues to grow despite the challenges of the COVID-19 pandemic.

“This will renew our strength and build the foundation for our economic recovery after COVID-19,” he said.

 

Also, read too another news article here.

Leave a Reply

Your email address will not be published. Required fields are marked *