Minister of Trade (Mendag) Zulkifli Hasan or Zulhas led the Indonesian Trade Mission Delegation to New Delhi, India, bringing ten Indonesian business players and exporters, as well as associations. This visit is the Trade Minister's first overseas trade mission since taking office on 15 June 2022. “I chose India as my first overseas visit, because India is Indonesia's strategic trading partner. The two countries have a long and close historical relationship, fellow G20 countries and their economies complement each other because we need each other," Zulhas said in an official statement, Tuesday (23/8). On Monday (22/8), Zulhas also witnessed the signing of 22 cooperation agreements between business actors from the two countries worth USD 3.2 billion or around IDR 47.36 trillion (exchange rate of IDR 14,800 per US dollar). "The signing of 22 MoUs on today's trade missions covers palm oil (CPO) products, olein, coal, furniture, plastic tools, as well as pulp and paper with a total value of USD 3.2 billion. Specifically, for palm oil products, the total commitments that have been agreed are 2.6 million tons or worth USD 3.16 billion," he explained. Also witnessing the signing of the MoU were the Ambassadors of the Republic of Indonesia to India and Bhutan Ina Hagniningtyas Khrisnamurti and the Director General of National Export Development Didi Sumedi, Zulhas expressed his optimism over the achievement of this trade mission. “This is a historic day for our two countries. In the midst of a situation full of uncertainty and economic challenges, Indonesia and India continue to strengthen strategic partnerships, especially in trade cooperation. Hopefully the mutually beneficial partnership between Indonesian and Indian business actors will be closer and sustainable," he said.
The Ministry of Trade (Kemendag), he continued, to be committed to encouraging non-oil and gas exports. "The Ministry of Trade and of course through foreign trade representatives are also ready to help business actors to increase exports and expand export markets," concluded Zulhas. Business actors who participated in the trade mission stated that the moment of selling CPO was very appropriate, considering that Indonesia is currently trying to restore the Indian consumer market, especially in meeting the surge in demand for vegetable oil ahead of Deepavali Day on October 24, 2022. India is the destination The second largest CPO export after China, with an export value in 2021 reaching USD 3.4 billion or 25% of Indonesia's total exports to India. Based on data from the Central Statistics Agency (BPS) processed by the Ministry of Trade, the total trade between Indonesia and India in January-June 2022 was recorded at USD 16.67 billion. Indonesia's total non-oil and gas exports to India in that period were recorded at USD 15.3 billion, an increase of 75% compared to the same period the previous year which was only USD 8.7 billion. Meanwhile, in 2021 the trade value between Indonesia and India will reach USD 19.8 billion with a surplus for Indonesia of USD 6.3 billion. Indonesia's non-oil and gas exports to India in 2021 will be recorded at USD 13.11 billion.
