Update COVID-19 in Indonesia: 497,668 confirmed infections, 15,884 deaths (23 November 2020)
23 November 2020 (closed)
USD/IDR (14,145) +15.01 +0.11%
EUR/IDR (16,851) +3.05 +0.02%
Jakarta Composite Index (5,652.76) +81.11 +1.46%
Indonesia already is a strong trade partner to a number of countries in Europe. Based on data released by Indonesia's Ministry of Trade, the Netherlands and Spain are two European countries that import a considerable amount of Indonesian products and thus are important contributors to Indonesia's trade surplus in the non oil & gas sector. But other European nations, such as Germany and Russia, pressure Indonesia's trade surplus. It indicates that, despite the wide distance, Indonesia and Europe have a close and valuable trade relationship.
Recently, Indonesia has started plans to increase trade relations with Europe. Indonesia's ministry of Trade sent a team of officials to the Ukraine and Romania to enhance trade relations through a business forum as well as to foster communication between Indonesian and European entrepreneurs. The Indonesian diplomats also visited a number of companies. The target of this visit included the diversification of Indonesia's export markets.
Trade Between Indonesia and the Ukraine
The value of trade between the Ukraine and Indonesia is reasonably high. In 2012, total trade between the two countries amounted to USD $1.32 billion with Indonesian exports worth USD $548.9 million and Indonesian imports USD $774.1 million. These data imply that Indonesia suffers a trade deficit with the Ukraine.
In terms of rankings, the Ukraine is number 32 on the list of largest export destination and number 30 in terms of the largest source of imports to Indonesia. Indonesia's main export products that are shipped to the Ukraine include crude palm oil, animal oil, vegetable oil, paper, carton, refrigerators, clothes, lysine & its esters, nickel ore and coal. Besides these products, Indonesia's Trade Ministry sees opportunities for other products as well, such as food and drinks products, automotive components, and beauty products.
Trade Between Indonesia and Romania
Indonesia's trade with Romania is smaller. Based on data from the Ministry of Trade, total trade in 2012 between the two countries reached USD $172.7 million, with Indonesian exports worth USD $106.4 million and Indonesia's imports from Romania worth USD $66.26 million. Thus, Indonesia experienced a trade surplus with the country.
Romania is number 62 on the list of largest export destinations and number 67 in terms of largest source of Indonesian imports. The most important products that are exported to Romania include rubber, chemical products, mixture of animal and vegetable oils, coconut oil, coffee, staple fibers, lysine & its esters, television and video equipment, headphones and earphones, and radar equipment. Indonesia's Trade Ministry believes that the export of lifestyle and beauty products to Romania contains potential as Indonesia has abundant herbs that form one of the basic materials of the products.
Indonesia believes that Romania can become a very important strategic partner as the country can function as the entrance to eastern Europe, particularly through its Constanta-harbour.
Trade Expo Indonesia, 16-20 October 2013
During its diplomatic mission in eastern Europe, Indonesia's Trade Ministry invited European entrepreneurs to visit the 28th Trade Expo Indonesia (TEI) that is held from 16 to 20 October 2013. During this event, local and international entrepreneurs can meet and search for mutual business interests. In last year's expo, products and services that were transacted amounted to USD $1 billion. About 1,300 entrepreneurs participated in the expo, which was visited by more than 5,000 buyers from 95 countries.