Australian Bank Expects More Partnership in Commodities Trade with Indonesia

Australian Bank

Theindonesiatoday.com - Australia expects to increase their partnership with Indonesia in the upcoming years, especially in commodity trade, General Manager of Commonwealth Bank of Australia, Stephen Holden says.

“Indonesia is Australia’s 12th largest trading partner and we believe the digit will turn into one in the upcoming years,” the manager said at the Indonesia Trade and Commodity Finance Conference on Thursday (20/10).
The executive claimed Australia is Indonesia’s 10th most important export destination with 2.7% of total exports, and 9th most important source of imports with 3% market share.

“Australia – Indonesia flows were A$12.9 billion and comprised 2.3% of Australia total trade flows in 2010. The number grew 14% in 2010 and have averaged growth of 6.4% in the last five years,” the executive said.

According to his presentation, Australia’s top-three export commodities to Indonesia were iron ore and concentrates, coal, and education with total value of A$110.1 billion, while top-three imports were personal travel, crude petroleum, and motor vehicles with total value of A$52.4 billion. ( bintang@theindonesiatoday.com)

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