Indonesia-China Trade Deficit Reaches its Lowest Level in the Last 15 Years

President Joko Widodo (Jokowi) conducted a working visit to East Asian countries, including China. This country, nicknamed the "Land of the Bamboo Curtain," is one of Indonesia's largest trading partners.

During his visit to China, the President is scheduled to meet with Chinese President Xi Jinping. The main objective of this visit is to enhance economic cooperation and discuss the latest developments in regional and international issues.

According to the Ministry of Trade's data, the value of Indonesia's trade with China reached US$109.99 billion, or the equivalent of Rp1.57 quadrillion (using an exchange rate of Rp14,300 per US dollar) in 2021.

The trade value between the two countries grew by 54.02% compared to the previous year, which was only US$71.41 billion. This figure is also the highest in the last 15 years, as shown in the graph.

Indonesia's exports to China reached US$53.77 billion, while China's exports to Indonesia amounted to US$56.23 billion last year. Therefore, Indonesia's trade balance with China experienced a deficit of US$2.46 billion.

This trade deficit with China has decreased for the third consecutive year in three years and is the lowest in the last 15 years. Indonesia's trade deficit with China reached its highest level in 2018, reaching US$18 billion, as shown in the graph.

Meanwhile, trade between the two countries from January to May 2022 reached US$23.57 billion. This value increased by 30.45% compared to the same period last year, which was only US$18.07 billion.