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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 Textiles Help Government's Press Trade Deficit with Argentina


				
			
			
Textiles Help Government's Press Trade Deficit with Argentina PDF Print E-mail
Written by Maizer   
Thursday, 09 May 2019

Coordinating Minister for Economic Affairs Darmin Nasution received the arrival of Argentine Vice President Gabriela Michetti in his office. In the meeting, the two parties discussed a number of issues related to efforts to increase economic cooperation, including cooperation in fields of trade, investment and agriculture.

 

Darmin said, Indonesia was exploring cooperation with the Trade Association of the South American Countries (Mercosur). "Based on the results of the study, Mercosur is beneficial if it cooperates with them," he said.

 

Argentina is an important partner for Indonesia, one of which is the entrance of Indonesian products to the Latin American market. Among the products that will be driven by exports to Argentina are textiles and tropical fruit. Beyond that, Indonesia also exports electrical machinery and equipment to Argentina.

 

In addition, Indonesia will also encourage exports to reduce the trade balance deficit between Indonesia-Argentina which last year reached US $ 1.2 billion. The deficit was caused by tariff and non-tariff trade barriers, issues of dumping, connectivity and language constraints.

 

So far, Argentina is the second largest export destination for Indonesia in the South American region. Total trade between the two countries in 2018 was US $ 1.68 billion, an increase of 17.96% compared to 2017.

 

Meanwhile, Argentina's Foreign Direct Investment (FDI) amounted to US $ 14o thousand. Indonesia's three main export products to Argentina last year, such as  footwear and footwear products (US $ 71.47 million), rubber and rubber products (US $ 46.79 million), as well as electrical machinery and equipment (US $ 46.3 million). Meanwhile, three main products imported by Indonesia from Argentina are cake from soybean oil (US $ 934.98 million), cereal (US $ 220 million), and cotton (US $ 51.2 million).

 

 

 
		
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