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Saturday, 29 October 2022 13:45

Indonesia and Malaysia sign $175.9 million trade contracts

Written by  Rahma
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The Indonesian  Ministry of Trade facilitated the signing of 24 memorandums of understanding (MoU) and Single Purchasing Statements between Indonesian business actors and trading partners from Malaysia worth US$175.9 million. Minister of Trade Zulkifli Hasan in Tangerang, Banten, Thursday (20/10) appreciated the Indonesian representatives in Malaysia and business actors who have made various efforts to increase exports and promotion of Indonesian products to Malaysia. The signing of the trade contract according to the Trade Minister shows the trade performance of Indonesia and Malaysia which continues to increase after the COVID-19 pandemic. 

The signing includes on  food and beverage commodities, tea, herbal drinks, coconut milk seasoning flour, coconut flour and electric motorcycles. The Minister of Trade explained in the period of January-August 2022 the total non-oil and gas trade between Indonesia and Malaysia has reached 13.78 billion US dollars. When compared to the same period last year, this value has increased significantly, namely 32.3 percent.

Meanwhile, the Director General of National Export Development Didi Sumedi who was also present to witness the signing said the increase in the total value of non-oil and gas trade between Indonesia and Malaysia shows that in the midst of unfavorable global economic conditions, product demand from both countries is still quite high. This is also supported by the economic conditions of the two countries which are still quite well maintained. In addition, geographical proximity and demographic similarities are also one of the supporting factors. Didi Sumedi explained the characteristics and culture of people of the two neighboring countries have a direct effect on the increasing demand for various products, especially from Indonesia. He expects this condition to continue to develop so that trade performance continue to increase.

Indonesian Trade Attache in Kuala Lumpur, Deden Muhammad F S added in January–August 2022 Indonesia recorded a non-oil and gas trade surplus of 5.36 billion US dollars. When compared to the same period in 2021, the increase this year reached 77.4 percent. This is something to be grateful for and must also be maintained. According to Deden, various efforts to promote Indonesian products in Malaysia continues.

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