Indonesia seeks to boost exports in bid to revive economy

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Indonesia’s new administration is seeking to roll out a set of measures to boost its exports in a bid to revive economic growth amid pressure from the ongoing trade war between the US and China as the country’s trade activities have been dwindling amid slower economic growth in China.

Still, Southeast Asia’s largest economy has managed to expand around five per cent in the past few years against the backdrop of an unfavourable global environment, thanks largely to its relatively resilient household consumption, which makes up more than half of its gross domestic product.

The government wants to boost its exports to help the economy to grow by between 5.4 per cent and 6 per cent in the next five years, newly appointed Trade Minister Agus Suparmanto said in a press briefing on November 8 in Jakarta.

“To keep the trade balance in check, our strategy is to raise non-oil-and-gas exports,” he said.

From January to September, Indonesia’s non-oil-and-gas outbound shipments, which make up the largest chunk of exports, declined by 6.22 per cent to $114.75 billion on a yearly basis, whereas its inbound shipments, excluding oil and gas, slipped by 5.54 per cent to $110.25 billion, according to Statistics Indonesia.

Overall exports settled at $124.17 billion, down eight per cent from last year, while its total imports were valued at $126.12 billion, down 9.12 per cent from a year earlier, resulting in a $1.95 billion deficit.

Indonesia still sees room to improve its outbound shipments to its two key markets China and India, its fourth-largest export destination – particularly with commodities such as bird’s nests to China and palm oil to India.

The trade ministry will also encourage the export of products such as food and beverages, textile and textile products, vehicles, pharmaceutical products, fisheries produce, wood and furniture.

The ministry expects total exports to reach at least $190 billion next year, up from $175 billion targeted this year.

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Indonesia's new administration is seeking to roll out a set of measures to boost its exports in a bid to revive economic growth amid pressure from the ongoing trade war between the US and China as the country's trade activities have been dwindling amid slower economic growth in China. Still, Southeast Asia's largest economy has managed to expand around five per cent in the past few years against the backdrop of an unfavourable global environment, thanks largely to its relatively resilient household consumption, which makes up more than half of its gross domestic product. The government wants to boost its...

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Indonesia’s new administration is seeking to roll out a set of measures to boost its exports in a bid to revive economic growth amid pressure from the ongoing trade war between the US and China as the country’s trade activities have been dwindling amid slower economic growth in China.

Still, Southeast Asia’s largest economy has managed to expand around five per cent in the past few years against the backdrop of an unfavourable global environment, thanks largely to its relatively resilient household consumption, which makes up more than half of its gross domestic product.

The government wants to boost its exports to help the economy to grow by between 5.4 per cent and 6 per cent in the next five years, newly appointed Trade Minister Agus Suparmanto said in a press briefing on November 8 in Jakarta.

“To keep the trade balance in check, our strategy is to raise non-oil-and-gas exports,” he said.

From January to September, Indonesia’s non-oil-and-gas outbound shipments, which make up the largest chunk of exports, declined by 6.22 per cent to $114.75 billion on a yearly basis, whereas its inbound shipments, excluding oil and gas, slipped by 5.54 per cent to $110.25 billion, according to Statistics Indonesia.

Overall exports settled at $124.17 billion, down eight per cent from last year, while its total imports were valued at $126.12 billion, down 9.12 per cent from a year earlier, resulting in a $1.95 billion deficit.

Indonesia still sees room to improve its outbound shipments to its two key markets China and India, its fourth-largest export destination – particularly with commodities such as bird’s nests to China and palm oil to India.

The trade ministry will also encourage the export of products such as food and beverages, textile and textile products, vehicles, pharmaceutical products, fisheries produce, wood and furniture.

The ministry expects total exports to reach at least $190 billion next year, up from $175 billion targeted this year.

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