Jayanty Nada Shofa, Jakarta – The 2023 Trade Expo Indonesia has booked at least $25.3 billion in transactions so far as its offline exhibition came to a close over the weekend.

As many as 3,162 buyers from 114 countries visited the on-site exhibition that took place at ICE BSD in Tangerang on Oct. 18-22. However, the number of deals recorded at what the government claims to be Indonesia's largest annual trade fair will still likely increase. Buyers from both home and abroad can still make transactions at the online exhibition that will last until Dec. 18.

According to Trade Minister Zulkifli Hasan, what the expo posted so far included $18.31 billion worth of signed memoranda of understanding (MoUs), $4.17 million in daily transactions, and $18.9 million in business-matching partnerships. Indonesia also secured a $2.81 billion investment deal from China in the health and education sectors.

Malaysia was the top buyer at this year's expo. As many as $6.29 billion of the goods and services transactions came from Malaysia, followed by India ($6.23 billion) and China ($5.58 billion).

Coal was selling like hotcakes. The expo's transactions mostly came from the combustible black rock.

Transactions of coal amounted to $13.26 billion. This accounts for 58.93 percent of the transactions at the trade fair. Chemical and organic products became the second-most popular commodity after recording $2.92 billion in transactions.

"Praise be to God, amidst the global economic slowdown, the 2023 Trade Expo Indonesia's transactions were twofold of what we achieved last year thanks to everyone's support and teamwork. This year's transactions reached $25.3 billion," Zulkifli was quoted as saying in a recent press statement.

The trade fair also included the 2024 Jakarta Muslim Fashion Week aimed to showcase Indonesia's modest wear potential. This three-day fashion event recorded $20.1 million in transactions.

Trade Expo Indonesia posted transactions worth $15.83 billion last year, more than double the amount that it booked in the 2021 edition. The Southeast Asian country aimed to surpass what it had achieved in 2022. Last year, most of the transactions came from China, standing at around $10.78 billion.

Source: https://jakartaglobe.id/business/indonesias-largest-trade-fair-posts-253-billion-in-transaction