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RI enjoys $1.20 billion trade surplus with Egypt

In one of the best examples of economic cooperation between Asian and African countries, the economic ties between Egypt and Indonesia – the continents' two biggest Muslim-majority countries – have been on a constant rise in recent years

Veeramalla Anjaiah (The Jakarta Post)
Jakarta
Mon, April 27, 2015

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RI enjoys $1.20 billion trade surplus with Egypt

I

n one of the best examples of economic cooperation between Asian and African countries, the economic ties between Egypt and Indonesia '€“ the continents' two biggest Muslim-majority countries '€“ have been on a constant rise in recent years.

Indonesia has been enjoying a huge trade surplus with Egypt, which is Indonesia'€™s third biggest economic partner in Africa, for many years.

While exporting US$1.34 billion worth of goods to Egypt and importing $145.93 million worth of goods from the North African nation, based on the Central Statistics Agency'€™s data, Indonesia enjoyed a huge trade surplus of $1.20 billion, the highest among African countries in 2014. The total two-way trade in 2014 reached $1.48 billion, an 11 percent increase from $1.22 billion in 2013.

Currently Nigeria, with a total trade of US$3.95 billion, is Indonesia'€™s biggest trading partner in Africa followed by South Africa, whose total trade with Southeast Asia'€™s biggest economy reached $1.87 billion in 2014.

Last week a major Egyptian business delegation under the banner of the Egyptian-Indonesian Business Council (EIBC) visited Indonesia to boost economic links between the two countries.

"The Indonesian government very much appreciates the commitment of the Egyptian business delegation to cooperate in trade with Indonesia. By sending such a large delegation, Egypt has shown not only its commitment but also its attention toward Indonesia, as one of its biggest trading partners," Indonesian Trade Minister Rachmat Gobel told journalists in Jakarta recently.

Rachmat met with the EIBC delegation last week, which came to Jakarta to attend the events related to the 60th anniversary commemoration of the Asian-African Conference.

It was not the first time for the EIBC to send a business delegation. Just last December, the EIBC sent a trade a mission and clinched trade deals with Indonesian businesspeople worth $41.25 million.

"I ask the EIBC to be in the frontline in promoting Indonesian products among Egyptian consumers," Rachmat said.

Many Indonesian products are popular in Egypt, the most populous nation in the Middle East and North Africa. Hardly a single day passes for most Egyptian families without them using Indonesian palm oil for cooking.

According to the Trade Ministry, Indonesia mainly exports palm oil, gold, electrical cables, conductors, furniture, textiles, tires, fresh fruit, fertilizers, copper, motorcycles and automobile spare parts to Egypt and imports mainly corn flour, wheat, building materials, food items and dates.

With its $272 billion economy, geostrategic location and 82 million people, Egypt is indeed a big potential market for Indonesia.

"We suspect Indonesian export products are meant for not only Egypt but also Egypt'€™s neighboring countries. Our exporters must tap this opportunity," Trade Ministry'€™s director general for development of national exports Nus Nuzalia Ishak said in a statement recently. (++++)

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