Ministry Of Trade: Trade Between Indonesia And South Korea IDR 300 Trillion Throughout January-November 2024

Illustration. (Photo: Doc. Antara)

JAKARTA - The Ministry of Trade (Kemendag) noted that trade between Indonesia and South Korea reached 18.37 billion US dollars or equivalent to Rp. 300 trillion (assuming an exchange rate of Rp. 16,367 per US dollar) from January to November 2024.

The Director General of National Export Development of the Ministry of Trade, Fajarini Puntodewi, said that this achievement made South Korea one of Indonesia's most important economic partners in East Asia.

"In January to November 2024, the total trade between the two countries reached 18.37 billion US dollars," he said in an official statement, Monday, January 20.

Fajarini said Indonesia's trade and investment relations with South Korea had grown rapidly over the years.

"This balanced trade shows how Indonesia and South Korea grew together to achieve mutual prosperity," he said.

For 2025, Fajarini said, South Korea will still be one of Indonesia's main trading partners. He also said, to maintain this, Indonesia's superior export products to South Korea such as coal, palm oil, chemical products, and wood products need to be encouraged.

"This effort is important if you pay attention to competition from competing countries," he said.

In addition, he continued, potential products also need to be promoted to encourage Indonesia's export performance. These products include rubber products, wood and paper porridge, processed wood, mangkil, animal feed, and plastic products.

Meanwhile, Seoul Trade Attache Eko Prilianto Sudradjat said the high trade commitment rate in 2024 could not be separated from the synergy of the Indonesian Ministry of Trade with the economic function of the Indonesian Embassy in Seoul through a diplomatic strategy in the trade sector.

According to Eko, the first strategy is to increase the implementation of promotions that involve more stakeholders. Second, the opening of communication and assistance for Indonesian business actors who are trying to penetrate the South Korean market.

Third, continued Eko, in collaboration with employers' associations in organizing promotional activities. Fourth, encouraging cooperation with agencies, state-owned enterprises, and private parties to support promotional and curation activities for exportable business actors.

"We run these strategies to support the export of Indonesian products to South Korea and pave the way for Indonesian MSMEs who want to penetrate the South Korean market," said Eko.