Trade Performance 2022, Surplus Shocks Mitigated

The Ministry of Trade projects this year's trade balance surplus to be in the range of US$31.4 billion—US$31.7 billion, a decline of around 11.39% compared to the 2021 surplus.

Head of the Trade Assessment and Development Agency (BP3) of the Ministry of Trade Kasan Muhri said the adjustment to the balance projection The trade was based on the outlook for global commodity prices which tended to decline at the beginning of this year. “The increase in the price of supercycle commodities is still the driver of the increase in the value of Indonesia's exports. However, based on previous experience, this condition will not last long,” the Ministry of Trade is aware of a number of factors that have the opportunity to reduce the trade balance score this year. In addition to the potential decline in commodity values ​​from the cycle throughout 2021, the implementation of the Carbon Border Adjustment Mechanism (CBAM) from the European Union is also anticipated. According to Kasan, the government will fight a lawsuit filed by the European Union on a number of domestic commodities to the World Trade Organization (WTO) this year. The reason is that the European Union's trade maneuvers are contrary to the principles of world trade which have recently harmed a number of non-oil and gas export products and derivative products from Indonesia. "We will also boost Indonesia's exports to non-traditional export destinations as an effort to reduce dependence on the European Union. This is particularly the case for products subject to a carbon tax such as cement, steel, aluminium, fertilizer and electricity.”

|•SOURCE•| Articles :BISNIS | Image :PASAR DANA |

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