ASIATODAY.ID, JAKARTA – Indonesia will experience an automotive trade deficit with China in August 2024, but will experience a surplus with the Philippines.
Based on a report from the Indonesian Central Bureau of Statistics quoted on Wednesday, September 18 2024, automotive trade with China, namely motorized vehicles and their parts collected under the HS code 87, reached US$333.4 million in August 2024. These vehicle commodities and their parts contributed to the deepest deficit in trade. with China.
Meanwhile, Indonesia’s total trade deficit with China in August 2024 will reach US$1.1 billion. This is because imports from China reached US$6.43 billion, while exports were only US$5.33 billion.
Meanwhile, Indonesia recorded an automotive trade surplus with the Philippines worth US$234.5 million. This automotive trade is one of the largest contributors to the trade surplus with the Philippines. The total trade surplus with the Philippines in August 2024 will reach US$847.3 million.
Indonesia’s exports to the Philippines were recorded at US$1.02 billion, while imports were only US$174.9 billion. Overall, Indonesia’s actual imports of vehicles and parts in August 2024 reached US$984.7 million. This import value rose 5.48% compared to July 2024 and rose 6.77% compared to August 2023.
Accumulatively, automotive imports in the January-August 2024 period were recorded at US$5.98 billion or down 16.84% compared to the same period last year. Meanwhile, the value of automotive exports in August 2024 reached US$1.05 billion, up 3.9% compared to July 2024 and up 5.9% compared to August 2023.
For the January-August 2024 period, Indonesia’s automotive exports were recorded at US$7.17 billion or down 2.29% compared to the same period the previous year. (AT Network)
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