Indonesia’s trade deficit with China narrows by nearly 46.08 percent

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Jakarta Indonesia curbed its trade deficit with China by nearly 46.08 percent in the first half of 2020, with exports surging 11.74 percent and imports plunging 11.86 percent, from that during the corresponding period last year.

Foreign Minister Retno Marsudi stated at a virtual press conference held after attending a bilateral meeting with the Chinese government in Sanya City on Thursday night.

Indonesia's exports to China rose by 11.74 percent to US$13.77 billion in the first semester of 2020 as compared to $12.32 billion during the corresponding period last year, she noted.

With imports from China recording an 11.86-percent drop, Indonesia was able to curb its trade deficit by up to 46.08 percent, the minister noted.

In connection with efforts to intensify trade cooperation between both nations, Marsudi spoke of having put forth a suggestion to form a joint working group for Indonesia-China trade at the meeting.

"Indonesia proposed a joint working group for trade to cope with various trade barriers and facilitate greater access to the Chinese market for Indonesian products," she expounded.

China is currently ranked second next to Singapore in terms of investment in Indonesia.

The minister noted that China's investment in the first semester of 2020 increased by nearly nine percent to reach $2.4 billion, from $2.2 billion during the corresponding period last year.

The Indonesian delegation to the meeting was co-chaired by Marsudi and State-Owned Enterprises Minister Erick Thohir, while the Chinese delegation was led by Foreign Minister Wang Yi.

The bilateral meeting discussed a broad range of issues including the efforts to boost cooperation in the fields of trade, investment, health, and security.

"At the bilateral meeting, (we discussed), first, the commitment of the two countries to forge bilateral cooperation based on mutual respect and mutual benefit; second, the commitment of the two countries to maintain regional stability and security; and third, the commitment to enhance cooperation in the field of vaccines," she added.

Source: Antara News