Indonesia's trade relations with Switzerland have survived amid the COVID-19 pandemic. In fact, according to data from the Indonesian Embassy in Bern, Switzerland, Indonesia will record a trade surplus with Switzerland in 2022.
Indonesia's trade performance is still strengthening and showing a surplus in the January-December 2022 period. Indonesia's total export value in the January-December 2022 period reached US$ 2.21 billion or Rp. 33.31 trillion, while Indonesia's total import value from Switzerland was US$ 428.63 million or IDR 6.45 trillion.
Thus, the total value of the trade surplus between Indonesia and Switzerland is US$ 1.78 billion or Rp. 26.86 trillion.
Meanwhile, in 2021 Indonesia's total export value to Switzerland was recorded at US$ 1.70 billion or Rp. 25.58 trillion, while the total value of imports from Switzerland was recorded at US$ 360.30 million or Rp. 5.42 trillion. Thus, Indonesia's export balance to Switzerland in 2022 will increase by 30.3% and the import balance will also increase by 18.9% compared to 2021 (YoY).
This increase was due to an increase in several commodities, particularly gold/precious metals/jewelry/gems (HS 71) exports of 40.7% in 2022. This is according to data published by the Federal Office for Customs and Border Security (FOCBS).
Ten commodities that consistently contribute to Indonesia's trade balance surplus to Switzerland, based on the order of export value, include precious metals, jewelry/gems (HS 71), footwear (HS 64), non-knitted textile products (HS 62), knitted textile products (HS 61), electrical equipment (HS 85), furniture (HS 94).
Then, coffee (HS 0901), rubber (HS40), turbine engines/spare parts (HS 84) and essential oils (HS 3301.29). Meanwhile, organic chemistry (HS 29) has been displaced by rubber for 2022.
The Indonesian Ambassador to Switzerland and Liechtenstein Muliaman Hadad estimates that in 2023 the economic relations between the two countries will remain positive.
"In addition to the entry into force of the Indonesia-EFTA CEPA on November 1, 2021, several steps have been taken to take advantage of the agreement, one of which is the inauguration of the Indonesia Trading House (ITH) on January 21, 2023. The Indonesia-EFTA CEPA does not only cover the trade sector, but also sustainability, capacity building, knowledge transfer and investment," Muliaman said in a written statement from the Indonesian Embassy in Bern, Tuesday (7/2/2023).
Regarding investment, BKPM data for the period January - December 2022 shows that Switzerland is in 20th place out of all countries investing in Indonesia or 5th from the European continent. The number of investment projects will increase to a total of 292 projects in 2022, with an investment value of US$ 133.77 million in 2022.
