Indonesian Trade Ministry Aims for US$65 Billion Exports to China by 2024
Jakarta, The Gulf Observer: As outlined by Didi Sumedi, the Director General of National Export Development at the Trade Ministry, the government has revised and augmented its export targets to China for the year 2024. The new projected range now stands between US$65 billion to US$70 billion, showcasing a notable increase from the previous goals. This strategic adjustment underscores the government’s proactive stance in fostering and expanding trade relations with China, reflecting a concerted effort to elevate export figures and capitalize on trade opportunities between the two nations in the coming year.
During the January to November 2023 timeframe, the aggregate value of exports to China amounted to US$56.57 billion, as highlighted by the official. Anticipating a continued upward trajectory, projections indicate that by the conclusion of 2023, the total value of exports is expected to reach US$60 billion. These statistics denote a consistent and promising trend in trade relations, showcasing a substantial increase in exports to China and underscoring the nation’s growing trade volume with its Chinese counterparts.
“In 2023, it is projected that after the data for December is out, it will at least reach US$60 billion. The next year (2024), if the average increase is 2.5 percent, Inshallah (God willing), it could be at US$65-70 billion,” he stated after the Ministry of Trade’s 2024 Outlook event here on Thursday.
This increase in export target is an effort to improve the performance of exports to China that had experienced a decline in 2023. In 2022, exports to China were valued at US$65.9 billion.
Sumedi explained that the decline in export performance did not only occur between Indonesia and China. It was caused by a decrease in the global commodity prices.
“Actually, we have optimism that our exports are still strong, our export competitiveness is still good globally, and we are hopeful about the expectation conveyed by the WTO that 2024 will be better,” he remarked.
The Ministry of Trade has prepared several programs to boost the performance of exports to China in 2024, one of them being holding an exhibition of Indonesian products in several provinces of the country.
“In 2024, we will increase several programs for China, for example, we are cooperating with several provinces in China to showcase our products there through a kind of expo,” he remarked.
