Thursday, 21st September 2017

Indonesia suffers deficit in trade with Asean countries

1st August 2012 | 2.452 Views
Indonesia suffers deficit in trade with Asean countries
Ilustrasi (ANTARA/Fanny Octavianus)
Jakarta (ANTARA News) - Indonesia suffered a deficit of US$727 million in its non-oil/gas trade with members of the Association of Southeast Asian Nations (ASEAN) in the first semester of this year, according to the National Statistics Agency (BPS).

"Indonesia`s non-oil/gas exports to ASEAN countries in the first semester of this year were recorded at US$15.46 billion while its imports from those countries reached US$16.18 billion. So our balance of trade with ASEAN countries is deficit," BPS Chief Suryamin said here on Wednesday.

He said based on the previous balance of trade Indonesia`s exports to ASEAN countries dropped by around 7.5 percent from US$16.71 billion while its imports rose 11.34 percent from US$14.54 billion.

"ASEAN countries have so far been Indonesia`s export destinations providing a market share of 20.12 percent of the country`s total non-oil/gas exports while imports from those countries comprise 21.59 percent of the total domestic market share," he said.

Indonesia`s three ASEAN main trade partners that have been the biggest sources of Indonesian imports are Singapore, Thailand and Malaysia.

Indonesia`s imports from Singapore are worth US$5.45 billion, Thailand US$5.76 billion and Malaysia US$3.19 billion while imports from other ASEAN countries are worth US$1.78 billion.

The three countries have also been Indonesia`s main export destination countries with Indonesia`s exports to Singapore reached US$5.05 billion, Malaysia US$4.47 billion and Thailand US$2.69 billion.

In terms of destinations China has remained Indonesia`s biggest export destination market with the country`s exports in the first half of this year reached US$10.45 billion, followed by Japan (US$8.72 billion), the US (US$7.46 billion) and India (US$6.04 billion).

According to Bali Concord II in 2003 ASEAN leaders agreed to create an ASEAN Community by 2015 based on three pillars, namely political and security, economic and socio-cultural communities.

In view of that, Indonesia has to cover its deficit in the next three years as following the creation of economic community ASEAN would be a single market with goods from member countries would be freely moving in the region.