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