Indonesia imports and exports – 4th most populous country opportunity
Indonesia Imports and Exports – General Information
Indonesia imports and exports – the world’s 4th most populous country is surely a market worth going for?
The economy of Indonesia is the largest in South East Asia and is one of the emerging market economies of the world. It is the 15th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). With over 267 million people, it is the world’s 4th-most-populous country. Official language is Bahasa Indonesia. The currency is the Indonesian Rupiah and the country is located in such time zones as UTC+7, UTC+8 and UTC+9.
Indonesia Imports and Exports – Economy by Sector
By sector:
Agriculture -13.7%
Industry – 41%
Services – 45.3%
Indonesia’s economy expanded by 3.1% in the first half of 2021 and is expected to grow by 3.5% by the end of the year. Growth of 4.8% is projected by the ADB for 2022 with the coronavirus (COVID-19) pandemic remaining a significant problem.
Exports and government spending are expected to be the main factors in ecoonomic growth this year. Private consumption has seen a small increase so far in 2021 but is projected to rise by 5.0% next year as conditions begin to stablise. Investment should strengthen in 2022 as improvements to the business climate set in.
“Indonesia’s economy had a relatively mild downturn in 2020, thanks to the government’s bold, timely policies to provide fiscal stimulus and social assistance to the vulnerable to prevent long-term economic scarring. It continued to recover in the first half of 2021 due to those same policies and strong exports,” said ADB Country Director for Indonesia Jiro Tominaga. “With global trade and finance facing headwinds, it will be critical for policy makers to continue to take steps to contain the pandemic, support economic recovery, and implement domestic reforms.”
For more information on Indonesia’s economy visit the Asian Development Bank website.
Indonesia Imports and Exports – Main Import and Exports
Indonesia main exports by category:
- Mineral fuels including oil
- Animal/vegetable fats, oils, waxes
- Electrical machinery, equipment
- Footwear
- Iron, steel
- Vehicles
- Gems, precious metals
- Machinery including computers
- Rubber, rubber articles
- Clothing, accessories
Indonesia main imports by category:
- Machinery including computers
- Electrical machinery, equipment
- Mineral fuels including oil
- Plastics, plastic articles
- Iron, steel
- Vehicles
- Gems, precious metals
- Optical, technical, medical apparatus:
- Organic chemicals
Indonesia imports
Indonesia Imports and Exports – Indonesia Trade Information
Indonesia’s major international trade partners are China, Japan, Hog-Kong, United States, India and European Union.
Indonesia is a member of the APEC, WTO, G-20, IOR-ARC, RCEP
Total value of exports – $ 180 billion
Total value of imports – $ 188 billion
Indonesia is a party to the region-wide Association of Southeast Asian Nations (ASEAN) Free Trade Area. ASEAN, and by extension Indonesia, also has trade agreements with Australia, China, Hong Kong India, Japan, Korea, and New Zealand and concluded text-based negotiations of the Regional Comprehensive Economic Partnership in November 2019.
Indonesia has signed bilateral free trade agreements (FTAs) with Australia, Chile, Mozambique, as well as with Iceland, Liechtenstein, Norway, and Switzerland under the European Free Trade Association, but as of the end of 2019, none of these FTAs are yet in force except with Chile. Indonesia recently concluded negotiations with Korea on a Comprehensive Economic Partnership Agreement. Indonesia is negotiating other FTAs with the European Union, India, Tunisia, and Turkey as well as reviewing its trade agreements with Japan and Pakistan.
Indonesia Imports and Exports – Indonesia Business Development
Ease of doing business ranking –73d in the world
International dialing code – +62
Main business domain – .id
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Indonesia Imports and Exports
