TEMPO.CO, Jakarta - Coordinating Minister for the Economy Airlangga Hartarto estimated that Indonesia's exports to the European Union would increase following the official ratification of the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU CEPA). "Over the next three to four years, Indonesia has the potential to increase its export value by more than 50 percent," said Airlangga in a press conference quoted on Monday, June 9, 2025.
Airlangga announced that the IEU CEPA negotiations had reached a final agreement after going through 19 rounds. This agreement resulted in several benefits for Indonesia. One such benefit is the tariff exemption for 80 percent of Indonesian exports to the EU. This tariff relief is expected to give exports a significant boost.
The European Union is Indonesia's fifth-largest trading partner. The total trade value between Indonesia and the 27 European countries reached US$30.1 billion in 2024. Indonesia's trade balance consistently records a surplus, with a surplus value of US$4.5 billion last year, an increase from US$2.5 billion in 2023.
In a press conference on June 2, the Central Statistics Agency (BPS) recorded that Indonesia's trade surplus with the EU reached US$2.33 billion from January to April 2025. This figure increased compared to the same period last year, January-April 2024, which was US$1.75 billion.
Based on the official website of the Directorate-General for Trade of the European Commission, Indonesia is the 33rd largest trading partner of the European Union. In 2024, Indonesia will be the fifth-largest trading partner of the European Union in the Association of Southeast Asian Nations (ASEAN). Indonesia's leading exports to the region include palm oil and its derivatives, copper ore and concentrates, industrial fatty acids, footwear, copra, and solid residues.
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