First trade surplus with Australia<\/p>\n
JAKARTA (JP): Indonesia booked a surplus of A$1.41 billion
\n(about US$950 million) in bilateral trade with Australia in 1998,
\npartly due to a sharp increase in exports to the neighboring
\ncountry.<\/p>\n
The surplus is the first recorded by Indonesia in the last
\nfive years.<\/p>\n
According to data released by the Australian Embassy here on
\nWednesday, Indonesia's exports surged 57.2 percent to A$3.56
\nbillion last year while imports dropped by 37 percent to $2.15
\nbillion.<\/p>\n
The embassy's economic counselor, Tony Urbanski, said the drop
\nin imports was caused by difficulties faced by local importers in
\nsecuring credit to finance their imports.<\/p>\n
Urbanski noted the bilateral trade between both countries
\nremained relatively stable at A$5.71 billion in value last year
\ndespite the crisis, compared with A$5.65 billion in 1997.<\/p>\n
Indonesia's exports of jewelry showed the highest growth last
\nyear, as many Indonesians sold their gold to benefit from the
\nincrease in gold prices in the local market.<\/p>\n
The price of gold (in rupiah) surged more than 300 percent
\nlast year due to the plunge in the rupiah's value against the
\nU.S. dollar.<\/p>\n
According to embassy data, jewelry exports from Indonesia to
\nAustralia increased 920 percent to A$471.79 million in 1998.<\/p>\n
Gold products, excluding gold ore and concentrate, made a
\nrecord increase, rising by 530 percent to A$604.6 million last
\nyear, as against A$95.97 million in the previous year.<\/p>\n
Petroleum products and related materials, which are the
\ncountry's top export commodities to Australia, reached A$1.22
\nbillion last year, a 9.55 percent increase from $1.11 in the
\nprevious year.<\/p>\n
Indonesia also exports paper products, textile yarn,
\nfurniture, wood products, electrical equipment, non-metallic
\nminerals and apparel and clothing accessories.<\/p>\n
Indonesia imports from Australia commodities including
\n\"confidential items of trade\", textile fibers, non-ferrous
\nmetals, petroleum products, machinery, metals, dairy products and
\nbird eggs, iron and steel and electrical machinery.<\/p>\n
The \"confidential items of trade\", which is the largest import
\nfrom Australia, dropped by 16 percent to A$696.39 million last
\nyear.<\/p>\n
The embassy did not specify what was meant by the
\n\"confidential items of trade\" category. But some sources said
\nthey may include items like arms or uranium.<\/p>\n
Indonesia's imports of textile fibers from Australia -- the
\nsecond largest commodity imported from the country last year --
\ndropped by 15 percent to A$474.8 million last year.<\/p>\n
Embassy trade commissioner Jennie Lloyd said most Australian
\nbusinessmen still have confidence in Indonesia's economic future,
\nciting that \"very, very few\" Australian companies left the
\ncountry amid the economic and political turmoil.<\/p>\n
Some new investors are seeking opportunities to invest in the
\ncountry and some others have expanded despite the economic and
\npolitical turmoil, she added.<\/p>\n
\"Overall, (Australian) people maintain operations, maintain
\nrelationships and are still very optimistic about the prospect in
\nIndonesia in the medium term,\" Lloyd said.<\/p>\n
According to Lloyd, more than 400 Australian companies,
\nincluding small and medium-size companies, are operating in the
\ncountry in various business sectors, including mining, food
\nproducts, telecommunications, transportation. (jsk)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/first-trade-surplus-with-australia-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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