China-Indonesia trade could reach $50 billion this year

[News_Editor]

China-Indonesia trade could reach $50 billion this year

2011-05-14 07:08:21 GMT+7 (ICT)

JAKARTA, INDONESIA (BNO NEWS) -- Bilateral trade between China and Indonesia is expected to reach $50 million this year, in the non-oil/non-gas sector, officials said Friday.

Chinese Embassy in Indonesia spokesman Xu Qi Yi told Antara news agency that the figure could actually surpass $50 million, as non-oil/non-gas bilateral trade between the two countries during the first quarter of the year reached $12.5 billion.

As one of Indonesia's most important economic partners, China in 2010 invested roughly $6.3 billion in Indonesia's infrastructure, an increase of 31.7 percent compared to the previous year, while Xu noted that thousands of Chinese companies are currently exploring ways to invest in Indonesia.

Indonesia's non-oil/non-gas exports to China - mainly consisting of mineral products (coal), fats and vegetable oils, rubber and rubber goods, iron ore and ash, organic chemicals. pulp, wood and wooden products, copper and electrical equipment and machinery - totaled $14.07 billion last year.

Meanwhile, the Southeast Asian country's non-oil/non-gas imports from China - namely electrical equipment and machinery, machinery and tools, iron and steel, organic chemical materials, cotton, plastic and plastic goods, fruits, vehicles and parts - reached $19.68 billion.

According to Indonesia's National Statistics Agency, the country suffered a deficit of up to $5.6 billion in its non-oil/non-gas trade with China in 2010, which was the highest deficit figure sustained by Indonesia in its foreign trade. That year, bilateral trade between the two countries reached $42.75 billion.

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