What is the value of Indonesia's trade with South Korea?

President Joko Widodo's (Jokowi) state visit to South Korea was a return visit following President Moon Jae-in's visit to Indonesia in 2017. During the visit, both Presidents discussed strengthening economic cooperation between the two countries, encompassing both trade and investment. It is noteworthy that Indonesia recorded a trade surplus with South Korea in 2016 and 2017.

Indonesia's trade with South Korea, known as the Land of Morning Calm, has experienced fluctuations. In 2014, bilateral trade reached only US$6.8 billion, experiencing an upward trend until it peaked at US$29.4 billion in 2011. However, it subsequently declined to US$13.4 billion in 2016, although it rebounded to US$16.3 billion the following year. During the January-June 2018 period, bilateral trade grew by 10.12% to US$8.84 billion compared to the same period the previous year, but Indonesia experienced a deficit of US$1.8 million.

Amidst global uncertainties stemming from the US-China trade war, Indonesia has managed to forge stronger ties with South Korea. The increase in trade and investment from South Korean businesses in Indonesia indicates a high level of confidence from the K-Pop nation's business community in Indonesia's economy. President Jokowi aims for bilateral trade to reach US$30 billion by 2022, surpassing the peak achieved in 2011.