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APSyFI: The national textile industry is headed for a trade deficit, 2018 exports grow 1% and imports grow 14% (yoy).--IKATSI: The growth of the national textile industry is still hampered by floods of imports, Indonesia needs a clothing security law.


	
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Home arrow Latest News arrow Trade War Continues, Trade Balance Potentially Widespread


				
			
			
Trade War Continues, Trade Balance Potentially Widespread PDF Print E-mail
Written by Maizer   
Monday, 29 April 2019

The tension of the trade war is expected to continue this year. Secretary of the Coordinating Minister for Economic Affairs, Susiwijono, said that trade wars could have an impact on widening Indonesia's trade balance. "Even though yesterday the first quarter (trade balance deficit) was only US $ 190 million, but it could be bigger if you look at global trade volumes," he said

 

He also said, the impact of the trade war was quite deep and not conducive for Indonesia to encourage exports. Because, world exports and trade experienced a deep slowdown.

 

What's more, the government is also still facing a dispute with the European Union regarding oil palm which can hamper exports.

 

Although export growth faces challenges, Susi ensures that economic growth will not be disrupted. This optimism is in line with the projection of the International Monetary Fund (IMF) which predicts Indonesia's economic growth to stabilize at 5.2%.

 

However, the government is still preparing anticipatory steps through several policies. One of them is increasing exports to various countries. The government will also suppress imports by substitution efforts. Imports of raw materials, auxiliaries and capital contributed 92% of total imports.

 

Trade war also gives hope to Indonesia. "In 2019, our textile exports increase by 20% due to the tariff war, so our goods become competitive," he said.

 

Many companies relocate to other developing countries, such as Thailand and Vietnam. Therefore, Indonesia needs to improve policies that support the business world so that trade wars can become a momentum for foreign companies to enter Indonesia.

 

In addition, the government is considered necessary to build a manufacturing industry. So far, the manufacturing industry is still deindustrialized.

 

 
		
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