The Ministry of Trade projects Indonesia’s exports to the Hong Kong Special Administrative Region (SAR) of China to reach USD 3.9 billion by 2045, driven by the First Protocol to Amend the ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA). Trade Minister Budi Santoso stated in Jakarta that the protocol is expected to reduce trade costs by 2.7% and boost Indonesian exports, especially in metals, manufactured goods, fisheries, apparel, chemicals, and textiles.
Meanwhile, Indonesia’s imports from Hong Kong are projected to hit USD 3.26 billion by 2045, with the protocol also predicted to increase Indonesia’s welfare by USD 11.29 million. The AHKFTA protocol aims to enhance trade volume between ASEAN and Hong Kong, strengthen economic integration, improve trade facilitation, and reduce trade barriers. It opens significant opportunities for key Indonesian export products such as shrimp, integrated circuit components, cultured pearls, mixed food products, and cotton garments. While Hong Kong has completed ratification, other ASEAN countries, including Indonesia, are still in the process.
Saturday, 24 May 2025 07:17
Indonesia’s Exports to Hong Kong Projected to Reach USD 3.9 Billion by 2045
