Jakarta (VNA)– Indonesian Secretary of the Coordinating Ministry for Economic Affairs Susiwijono Moegiarso has revealed that the country is mapping new export destinations.
This is due to the pessimistic trade growth in Indonesia’s five main trading partners this year, namely China, Japan, Singapore, the US, and India. Meanwhile, economic growth of the world and Indonesia is predicted to experience a slowdown and will affect trade in the country.
According to Indonesia’s Economic Outlook 2024 released on January 25, some Indonesia’s export destinations are expected to bounce back, but the country has started looking for non-traditional markets.
Although Indonesia’s trade balance had a surplus for 44 consecutive months from May 2020 to December 2023, the government will still be vigilant because exports depend on demand in the global market.
Susiwijono also revealed that the country is targeting Latin America, Africa, the Middle East, and South Asia. In addition, a number of trade cooperation will be explored with various international institutions such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), and the Organization for Economic Co-operation and Development (OECD).
The Central Statistics Agency (BPS) recorded a surplus in the goods trade balance throughout 2023 of 36.93 billion USD. This amount decreased by 33.46% compared to the USD17.52 billion in 2022.
The decline in the trade balance surplus throughout 2023 was triggered by a decline in both export and import performance. The total export value from January 2023 to December 2023 amounted to 258.82 billion USD, down 11.33 % year on year.
Meanwhile, the value of imports from January 2023 to December 2023 amounted to 221.89 billion USD, decreasing by 6.55% year on year./.
