Indonesia's Services Trade Performance Ranked 5th in Southeast Asia
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Indonesia is one of the largest importers of services in Southeast Asia. In 2018, Indonesia ranked fourth with import values reaching US$35 billion.
Transportation services were the largest contributor to the deficit in the services balance of payments. This is because the shipment of export and import goods remains heavily reliant on foreign shipping services.
Meanwhile, in terms of exports, Indonesia ranked fifth largest among ASEAN member states. In 2018, the value of Indonesian service exports amounted to US$28 billion, with the largest contributor being personal travel services.
One characteristic of a developed country is that its economic growth is no longer reliant on commodity trade, but rather on service trade and investment. Indonesia's service sector contributes approximately 40% to its GDP. In contrast, the service sector in developed countries accounts for 70% of economic growth.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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