Indonesian Cooperative and SME Minister Teten Masduki said that his government will revise next year's export target in a bit to anticipate the impact of the global recession.
Indonesia reduces export to curb recession impact (Photo: Reuters)
Jakarta (VNA) - IndonesianCooperative and SME Minister Teten Masduki said that his government will revisenext year's export target in a bit to anticipate the impact of the globalrecessi🍌on.
According to Telen, Indonesia has started to feel theimpact of the recession, with export demand for manufacturing goods declining. Speaking at a recent press conference, he said thatcurrently, the manufacturing industry is down and causing job cuts becauseworld demand is declining. Therefore, next year the government will focus on thedomestic market. Teten noted that the government will divert exports to the domestic market. To ensure a successful market transfer, it will limit the entry of imports. That way, Indonesianproducts, including those made by MSMEs, can thrive in the domestic market. The minister revealed that import restrictions had beendiscussed through a coordination meeting with the Coordinating Minister forEconomic Affairs Airlangga Hartarto. The plan was also discussed at a cabinetmeeting with President Joko Widodo. He also highlighted if the country can turn off theimport tap and give the market to MSME products, it will serve as a momentumfor MSMEs to take advantage of the global crisis and use that to build a betterbusiness fundamental. Nevertheless, Teten acknowledged that there are anumber of commodities that need to be exported because global market demand is stillhigh and they have great potential. Therefore, his ministry will be curatingselectively and providing assistance, from export licensing to financing. In a related move, Indonesia is set to export less palm oil as ittightens a policy requiring companies to keep more supply at home. According to Budi Santoso, director general of foreigntrade at the trade ministry, starting from January 1, the government is cutting the amount producers can export to six times the domestic sales requirement, down from eight times currently./.
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Indonesia reduces export to curb recession impact (Photo: Reuters) 
