Jumat 16 Apr 2021 23:46 WIB

Indonesia's Trade Deficit with China Dropped Dramatically

Iron and steel sales, which grew 60 percent, narrowed the deficit with China.

Rep: Dedy Darmawan Nasution/ Red: Elba Damhuri
Trade Minister Muhammad Lutfi held a press conference in Jakarta, some time ago. M Lutfi told about the decline of Indonesia's trade deficit with China on March, 2021.
Foto: Republika/Iit Septyaningsih
Trade Minister Muhammad Lutfi held a press conference in Jakarta, some time ago. M Lutfi told about the decline of Indonesia's trade deficit with China on March, 2021.

REPUBLIKA.CO.ID, JAKARTA -- Indonesian Trade Minister Muhammad Lutfi stated that there were positive developments in Indonesia's export performance until March 2021. The trade deficit with China, which is Indonesia's main trading partner, also continues to shrink.

Lutfi said the trade deficit with China in March 2021 reach 160 million US dollars. This figure decreased significantly compared to the deficit in the previous month which reached US$ 830 million and in March 2020 which reached US$ 940 million.

"The decline in the trade deficit with China has been extraordinary. This is partly because sales of our steel products grew by more than 60 percent," Lutfi said at a press conference in Jakarta, Friday (16/4).

The total export value of Indonesian iron and steel products in the first quarter (January-March) of 2021 to all partner countries reached 3.64 billion US dollars.

This value was recorded to have grown to 60.67 percent compared to the first quarter of 2020. Lutfi assessed that this also shows the progress of the domestic processing industry.

Lutfi said China is still Indonesia's main destination. This is because the value of exports to China in the first quarter of 2021 reached US $ 10.21 billion, which is Indonesia's largest export market share.

"Even though (the trade balance) is still in deficit, our trade balance has improved tremendously," he said.

Lutfi said that in the future the government will try to penetrate further into the export market to China by adding trade representative offices. The Indonesian government, he said, would seek a balance to continue to expand export markets for Indonesian products.

Dapat mengunjungi Baitullah merupakan sebuah kebahagiaan bagi setiap Umat Muslim. Dalam satu tahun terakhir, berapa kali Sobat Republika melaksanakan Umroh?

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