The diversification was done early in the year as a strategy to prevent Indonesia's dependency on conventional export markets, according to Mari. This was an important step to anticipate unexpected conditions, similar to what recently happened in the United States and Europe.
“Indonesia’s trade has switched to ASEAN and East Asia markets," she said during the 43rd ASEAN Economic Ministers Summit in Manado। Uncle Sam's position as the second main destination country for Indonesia’s non oil and gas exports has been replaced by China, while the top position is still occupied by Japan.
The trade balance between Indonesia and the U.S had always resulted in a surplus for Indonesia. However, the trend began to decrease during the 2006-2010 period, based on Trade Ministry data.
Nevertheless, in January-May 2011, the surplus climbed to US$ 2.75 billion from US$ 1.87 billion in the same period last year.
“The United States is still interested in continuing the trade relationship with the ASEAN,” said Josh Cartin, Deputy Representative of the US Mission to the ASEAN. “There are at least 20 companies who joined this forum, proving our interest in the cooperation."
He also said that the ASEAN has a major role in the global market and that the U.S hoped that the region will implement policies leading to the improvement of the trade standard, making it more competitive.
Developed Countries Slowing Down The growth of developed countries is projected to decelerate. Japan will revise its economic growth projection for the fiscal year which ends by March 2012. The bearish US economy will continue until mid 2013 while England is facing stronger developmental challenges.
The Japanese government plans to slash its growth assumption to 0.5 percent from the previous 1.5 percent, as reported by Kyodo News and Nikkei, Thursday. It is higher than the Bank of Japan’s 0.4 percent assumption.
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