Erry Herjuno, Economic Counsellor at the Embassy of Indonesia in New Delhi, recently met with the Goa Chamber of Commerce & Industry (GCCI) to explore avenues for strengthening trade relations between Goa and Indonesia. In discussions with GCCI Director General Sanjay Amonkar, Herjuno acknowledged the steady growth in bilateral trade—currently valued at around USD 30 billion—but also flagged the significant trade imbalance favoring Indonesia.
Indonesian exports to India, primarily comprising coal, iron and steel, and crude palm oil, account for approximately USD 24 billion of the total trade volume. In contrast, India’s exports to Indonesia remain relatively modest, at about USD 6 billion, with a more diversified basket that includes mineral fuels, machinery, vehicles, oilseeds, organic chemicals, and meat products.
Amonkar stressed the importance of reducing this trade deficit by diversifying India’s export offerings. He pointed to the potential of agricultural products—such as potatoes, onions, and chillies—and urged a push into high-growth sectors like green energy, electric vehicles, medical devices, and pharmaceuticals.
In a shared vision for deeper economic cooperation, both sides have set an ambitious target of increasing bilateral trade to USD 50 billion by 2025, building on last year’s USD 40 billion mark—a 50% rise from earlier levels. As part of this push, the Indonesian delegation invited Goan exporters to take part in the upcoming 40th Trade Expo Indonesia, scheduled from October 15 to 19 in Jakarta. The previous edition of the expo generated USD 7.46 billion in business with India and drew over 900 Indian buyers. This year’s spotlight sectors include logistics, paper, coal, palm oil, and iron and steel.
Indonesia is also opening new doors for collaboration in its growing IT services sector. A sector-specific opportunities booklet was shared with GCCI to encourage Goan businesses to explore emerging areas of engagement. Both sides see these initiatives as key steps not only toward balancing trade but also building a stronger, more diversified economic partnership.