Indonesia – China trade relations worth of US$ 50 billion in the next five years

Indonesia – China trade relations worth of US$ 50 billion in the next five years

Indonesian President Susilo Bambang YudhoyonoSusilo Bambang Yudhoyono optimist that in the next five years the worth of Indonesian – China trade relations will become the total of US$ 50 billion despite Indonesian official said their row following mutual bans on certain food products still one of the barrier.

‘’The target of trade relations on both countries worth US$ 30 billion has already happen in 2008,’’ he added, after receipt a member of China Communist Party bureau (CPC) Liu QiLiu Qi in Presidential palace in Jakarta, Tuesday, December 1, 2009.

Liu Qi was accompanied by Deputy Minister for International Affairs Li Jinjun and China Ambassador for Indonesia Zhang Qiyue.

President Yudhoyono was accompanied by Indonesian Foreign Minister Marty Natalegawa, State Secretary Minister Sudi Silalahi, and Democratic Party leaders Sumantoro Rajiman, Hutomo Agus Subekti, and M Sohirin.

Japan and USA still the lead

United States Embassy in Jakarta said, Indonesia's exports grew to a record $136.8 billion in 2008, an increase of 10% from 2007. The largest export commodities for 2007 were oil and gas (19.4%), minerals (18.8%), electrical appliances (13.27%), rubber products (6.8%), and textiles (3.6%).

The top four destinations for exports for 2008 were Japan (12.8%), the U.S. (11.6%), Singapore (9.4%), and China (7.2%). Meanwhile, total imports rose to $128.8 billion in 2008. The U.S. trade deficit with Indonesia increased 1.9% in 2007 to $10.1 billion ($4.2 billion in exports versus $14.3 billion in imports).