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Jakarta Post

Trade minister gloomy on exports, expects 5% decline

  • The Jakarta Post

Jakarta   /   Thu, November 8 2012   /  10:42 am

Taking a contrary view to his deputy, Trade Minister Gita Wirjawan has said he is pessimistic about Indonesia’s exports being able to meet the government’s target of US$203 billion this year given the bleak outlook in global trade.

Gita estimated that with the slow recovery in the world economy, especially in Europe and the fall in commodity prices, Indonesia’s exports would likely fall by about 5 percent this year.

“I think we would be happy if the decline in exports is around 5 percent compared to last year’s figure,” the minister said in his speech during the Indonesia Investment Summit in Jakarta on Wednesday.

Such a gloomy forecast for Indonesia’s exports, Gita explained, was mainly caused by weakening global demand stemming from stalled economic recovery in the West.

Deputy Trade Minister Bayu Krisnamurthi said last week that the governme...