JAKARTA (TheInsiderStories) — Good morning! United States (US) and China trade talks to resume this week after pause for several time, said a government official. Recently, global stocks were hit by a new wave of uncertainty on the both countries trade front following a series of conflicting reports.
In the last meeting on February, US and China high-level officials agreed on several issues, including technology transfers and intellectual property. To deepened the talks, President Donald Trump will meet Chinese President Xi Jinping for further agreement.
While, European Union (EU) are planning to offer a conditional Brexit extension to United Kingdom (UK) at this week’ summit in Brussels. The chief negotiator Michel Barnier suggested that a long extension would lead to the UK deciding to remain more closely aligned to the EU, a so-called soft Brexit, or to a potential new referendum.
British Premier Theresa May wants to leave EU as soon as possible. But it is no longer feasible for the UK to leave the European Union on March 29, as parliament voted for delaying Brexit implementation.
From domestic side, Indonesia Finance Ministry reported until February, the 2019 State Budget’ deficit is higher than Rp48.31 trillion (US$3.40 billion) while the primary balance recorded Rp20.56 trillion deficit, higher than Rp13.88 trillion from a year ago.
State revenue reached Rp54.61 trillion while the expenditure increased by 9.15 percent to Rp271.83 trillion. Even so, Finance Minister Sri Mulyani Indrawati claimed that the State Budget was going well and based on target but government needs to be cautious to economic challenge and global uncertainty.
Then, Indonesian domestic car sales recorded 81,684 units in February. The sales is not as big as February last year for 94,385 units. However, Toyota remains the biggest market share, followed by Daihatsu and Mitsubishi.
Furthermore, Indonesia targeting the export value of palm oil with Egypt $130 million this year. The estimated export value is the result of a trade contract among the Indonesian PT Perkebunan Nusantara III and PT Chita Agri Indonesia with the Egyptian palm oil producer company Oleo Misr Co.
According to Director General of National Export Development Arlinda will supply palm oil amounting to 16,000 metric tons (MT) per month at a value of $100 million during 2019. While, PT Chita Agri Indonesia will supply 5,000 MT/month with a value of $30 million. In 2018, she explained, Indonesia’ palm oil exports to Egypt reached more than $560 million with a volume of 919.460 tons.
On Tuesday, Rupiah slightly gained strength by almost 0.1 percent. Meanwhile, Jakarta Composite Index went sluggish by 0.44 percent to 6,480.27, while foreign investors recorded Rp170.46 billion net buys.
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia