Selasa 21 Nov 2023 15:12 WIB

Indonesia is Wary of China's Economic Downturn

China has become one of the biggest trading partner for Indonesia.

Rep: Novita Intan/ Red: Fuji Pratiwi
Suasana aktivitas bongkar muat peti kemas di Pelabuhan Tanjung Priok, Jakarta, Senin (17/7/2023).
Foto: Antara/Indrianto Eko Suwarso
Suasana aktivitas bongkar muat peti kemas di Pelabuhan Tanjung Priok, Jakarta, Senin (17/7/2023).

REPUBLIKA.CO.ID, JAKARTA -- Ministry of Finance said Indonesia is wary of China's economic downturn because it has been being one of the biggest trading partner.

Head of the Center for Macroeconomic Policy, Fiscal Policy Agency, Ministry of Finance (BKF Kemenkeu), Abdurohman, said, the portion of Indonesian exports to China is 20 percent. Thus, downturn on China'a economic is an alert for Indonesia.

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China's economic downturn was caused by slowdown on property sector and decreased of foreign direct investments. In contrast, Indonesia's economic has been driving by household consumption.

"In China, investments flooded property sector. Now the sector was on crisis," Abdurrohman said in an onlie seminar Indonesia Economic Outlook 2024, Tuesday (Nov.21, 2023).


China also faced another problem. Regional governments in China very much relied on property sector as source of income. While the sector shaken, the income was depressed and debts were raised.

"Indonesia keeps on eyes of the impacts of global slowdown to our export. We are anticipating it through increasing downstream natural resources, strengthening competitiveness of export's products, and diversify trading partner," he added.

Indonesia's export on October 2023 slipped 10,43 percent to USD 22,15 billion while the export volume raised 7,16 percent. Indonesia's export along January to October 2023 was USD 214,41 billion.


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