Indonesia Textile Industry Takes Advantage of US-China Trade War
23 October 2018 17:30 WIB
TEMPO.CO, Jakarta - The Trade Ministry continues to push Indonesia`s export performance in the midst of an ongoing trade war between the United States and China.
“We will open more markets through numerous trade deals,” said Trade Minister Enggartiasto Lukita at the State Secretariat Ministry in central Jakarta today, Oct. 23.
According to Enggartiasto, Indonesia managed to obtain market shares on China and US’ textile exports. As a form of compensation, Indonesia will import cotton from the United States.
Read: US-China Trade War Presents Opportunity for Indonesia
The Central Statistics Agency (BPS) announced on October 15 that Indonesia’s trade balance had experienced a surplus of US$230 million throughout September 2018; a contrast to the previous month in August which experienced a US$1.02 billion deficit.
Despite the export growth, Indonesia’s imports still exceed its export with the value of US$14.60 billion. This number has been reduced from the previous month that clocked US$15.18 billion.
Indonesia currently has at least signed 10 trade deals with 10 countries that generate a total transaction up to US$10.02 billion from January to October 2018. The 10 countries include Pakistan, India, United States of America, Spain, Swiss, Tunisia, Bangladesh, Taiwan, New Zealand, and Morocco.
FAJAR PEBRIANTO
