Bali’s Foreign Exchange Increase as US Economy Better

DENPASAR ~

Bali Regional Development Planning Board stated that the U.S. and Japan economy began to recover and it is good news for exporters on the island in increasing the volume and devisa from non-oil commodities trading.

“The condition of the improving economy in the superpower country should be used by entrepreneurs in Denpasar to get greater non-oil foreign exchange,” said Head of Bali Province the Regional Development Planning Agency (Bappeda) Putu Astawa, on Tuesday.

Bali that produces a variety of craft items, including apparel (garment) and sells seafood, especially fresh or frozentuna and most of the commodities is marketed to the U.S. and Japan.

He, who spoke in front of the officials, enterpreneurs, and professional organizations participating in 2014Musrenbangda Denpasar, acknowledged that the improvement in those countries’ economic bring benefit and negative aspects besides exports could rise,investors will also target Bali.

Foreign investors would be interested in establishing business on the island that relies on tourism and the services business will certainly reduce the portion of local entrepreneurs, especially amidst the ASEAN free trade in 2015, he said.

Meanwhile, Bali Central Statistics Agency (BPS) recorded that Bali non-oil trade during January 2014 is worth 50.8 million U.S. dollars, the foreign exchange earnings rose 16.16 percent compared to the same period in 2013, which is only 43.7 million dollars.

U.S. consumers absorb most commodities from Bali, which is 21.06 percent, followed by Japan at 13.53 percent, Singapore 9.83 percent, Australia 8.75 percent, and the U.K.3.09 percent.

There are five major Bali commodities that reach the foreign market consisting of products made of wood and wooden objects for 23.20 of the total foreign exchange earnings.

Followed by the fish and shrimp products by 16.74 percent, garment but not knitted products 12.87 percent, home appliances and lighting 11.54 percent and jewelry products (gem) 9.93 percent.

Filed under: The Island

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