"Our imports from New Zealand reached an estimated US$700 million."Jakarta (ANTARA News) - Indonesia is trying to equalize its trade volume with New Zealand, a minister said.
"Our imports from New Zealand reached an estimated US$700 million while our exports to the country stood at about US$400 million so we recorded a deficit (of US$300 million)," Coordinating Minister for Economic Affairs Hatta Rajasa said after accompanying President Susilo Bambang Yudhoyono during a meeting with visiting New Zealand Prime Minister John Key at the Merdeka Palace here Tuesday.
Hatta said a rise in the import of dairy products such as milk, cheese and beef were responsible for the deficit.
Domestic demand for the products continued to increase, along with the growing middle class people in the country, with a population of more than 240 million, he said.
On the contrary, New Zealand which had a population of 4 million needed quality products, he said.
For its part, the two nations needed to develop mutually beneficial cooperation to equalize trade between the two countries, he said.
Hatta noted that the development of geothermal energy sources and livestock industry would have the potentials to equalize the bilateral trade.
He said the large Indonesian population served as an opportunity for the two countries to jointly develop livestock industry. Therefore, he invited New Zealand investors to develop the sector.
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