We have to expand the market, not just traditional markets in the West (the United States and Europe), but also in other ASEAN countries…
Lampung (ANTARA) - The Ministry of Trade has prepared a number of strategies for handling the global economic decline predicted for this year, Minister of Trade Zulkifli Hasan has informed.

The strategies include simplifying export regulations, searching for new export markets, as well as completing trade agreements with partner countries, he informed during the ministry’s work meeting here on Wednesday.

"We have to expand the market, not just traditional markets in the West (the United States and Europe), but also in other ASEAN countries, which have yielded results," he said.

Indonesia should improve trade with the Philippines and Malaysia, and South Asian countries, namely Bangladesh, Pakistan, and India, as well as African countries, he added.

Moreover, the minister expressed his optimism that Indonesia will survive amid the 2023 global economic decline through collaboration with various parties. Through collaboration, Indonesia's economic performance is expected to grow positively.

He said he expects that Indonesia will handle the global economic changes forecast for 2023 better.

In the past two years, the Indonesian economy declined and many public facilities were closed down. A similar situation was also observed in other countries that experienced a deficit.

However, in 2022, Indonesia scripted an economic revival to record 5.3 percent growth, which was higher compared to that of the US, South Korea, China, and the European Union.

Indonesia's inflation in 2022 was also recorded at 5.51 percent, or in the low category.

The trade sector was able to provide a positive contribution to Indonesia's economic growth in 2022.

The contribution of goods and services exports to the gross domestic product continued to rise since 2020, reaching 24.49 percent in 2022.

"Indonesian export value in 2022 reached US$291.98 billion, while its import was at US$237.45 billion," Hasan informed.

"This figure puts Indonesia's surplus in 2022 at US$54.53 billion, or equivalent to Rp900 trillion. This surplus is the highest surplus figure throughout the history of Indonesia," he added.

Related news: Ministry helping local fashion players expand reach to global markets
Related news: Be cautious, optimistic in facing global turmoil in 2023: BI
Related news: External factors more unpredictable in 2023: minister

Translator: Maria C G P, Fadhli Ruhman
Editor: Sri Haryati
Copyright © ANTARA 2023