my country has always been one of Indonesia's largest export markets for wood and wood products. However, in the first half of this year, due to factors such as the closure and control of the epidemic in some cities in my country, the international trade industry chain was greatly impacted, market demand was suppressed, and the economy slowed down, thus affecting the import of wood.
But overall, Indonesia's exports to my country in the first half of this year are still higher than its exports to the United States and Japan, ranking first. The overall export value reached US$28.94 billion, equivalent to 20.5% of Indonesia's total export value.
However, it is understood that from January to July this year, the value of Indonesia's exports of wood and wood products to my country decreased by 18.5% to US$1.78 billion compared with US$2.19 billion in the same period last year. Despite the decline in export value, for Indonesia, our country is still a major market ahead of Japan and the United States.
Febrio Kacaribu, head of the Bureau of Fiscal Policy (BKF) of the Indonesian Ministry of Finance, said that if Indonesia's foreign trade continues to be positive, local forest companies need to try to diversify their markets and not just export to a single market.
Judging from Indonesia's increased exports to Japan, South Korea, and the United States in the first half of this year, it has indeed achieved market diversification. Moreover, since the European Union and the United Kingdom, Japan and the United States and other countries and regions prohibit the import of Russian wood and wood products, this also provides good opportunities for Indonesian exports.
But for now, Indonesia's exports of wood and wood products to the EU and the UK are actually still relatively small.