Indonesia recorded a trade balance surplus from Switzerland of US$1.34 billion, equivalent to Rp19.11 trillion last year. However, the trade balance surplus fell more than 40 percent compared to the previous year's realization. The trade balance surplus shrank due to a decline in exports of gold, precious metals, jewelry or gems to more than 50 percent last year. Based on the records of the Indonesian Embassy in Bern, as reported by Antara, Friday (4/2), Indonesia's trade balance surplus against Switzerland reached US$2.24 billion in 2020.

According to data released by the Swiss Federal Customs Administration (FCA), the value of Indonesian imports from Switzerland in 2021 fell 31.4 percent compared to the previous year. Likewise, Indonesia's exports to Switzerland fell 38.7 percent.

Meanwhile, the value of Indonesia's imports from Switzerland reached US$360.29 million, with the value of Indonesia's exports to Switzerland recorded at US$1.69 billion.

The previous year, namely 2020, the value of Indonesia's imports from Switzerland reached US$525 million with the value of Indonesia's exports to Switzerland reaching US$2.76 billion.

Meanwhile, 10 commodities that consistently contributed to Indonesia's trade balance surplus to Switzerland include precious metals, jewelry/gems, footwear, non-knitted textile products, knitted textile products, electrical equipment, furniture, coffee, essential oils, turbine engines, spare parts. spare parts, and organic chemistry.

It is known, last year's economy experienced high uncertainty, ranging from supply chain problems to health issues in the midst of the COVID-19 pandemic. Switzerland and Indonesia are no exception.

The Swiss State Secretariat for the Economy (SECO) said that the country's inflation rose 0.6 percent, with a Gross Domestic Product (GDP) growth of 3.5 percent. SECO expects Switzerland's GDP this year to fall to as low as 3 percent.

Nevertheless, the Indonesian Ambassador to Switzerland Muliaman Hadad predicts that this year will continue to provide a positive picture of the economic relations between the two countries amidst the challenges during the pandemic.

"This projection is not without reason, considering that the capital to improve economic relations between the two countries is with the entry into force of the Indonesia-EFTA CEPA on November 1, 2021," he added.

The Indonesia-EFTA CEPA, he continued, does not only cover the trade sector, but also sustainability programs, capacity building, and knowledge transfer and investment.