Breaking Records and Building Global Trade: Highlights from Trade Expo Indonesia 2024

Oct 12, 2024

4 min read

The Trade Expo Indonesia 2024 (TEI), held from October 9-12, 2024, has set a new benchmark in trade and investment, exceeding expectations in terms of both the number of participants and the volume of transactions. This annual event, now in its 39th edition, showcased Indonesia's burgeoning potential as a global trade hub, featuring an extensive lineup of over 1,000 exhibitors from sectors such as food and beverages, agricultural products, manufacturing, and services. TEI 2024 was an unparalleled platform for Indonesian businesses to engage with global markets, while international buyers had the opportunity to explore a wide array of products, services, and investment prospects.

Overview and Objectives of Trade Expo Indonesia 2024

The theme of this year's TEI, "Build Strong Connection with the Best of Indonesia", underscores the government's strategy of promoting Indonesia’s top exports while strengthening its trade relationships across the globe. Organized by the Indonesian Ministry of Trade, the expo was designed to bolster Indonesia’s export volume by connecting local businesses with international buyers, thereby fostering new trade partnerships and securing foreign investments. The aim was to highlight Indonesia’s potential in critical sectors such as agriculture, manufacturing, and services, while encouraging businesses to tap into global markets.

Leading up to the event, the Ministry set an ambitious target of USD 15 billion in total transactions from both goods and services, as well as from investments. However, by the conclusion of the event, TEI 2024 had surpassed these goals, recording USD 19.69 billion in goods and services transactions, and an additional USD 3.4 billion in investment transactions, bringing the total to a staggering USD 23.09 billion. This performance not only exceeded the targets but also demonstrated Indonesia’s growing attractiveness as a trade and investment destination ("Trade Expo Indonesia 2024 Transactions Surpass Expectations" 38).

Participation and Engagement

The event attracted a global audience, with 41,488 visitors from 140 countries attending the four-day expo. Of these, 8,402 were registered international buyers, highlighting the broad appeal of Indonesian products in the global market. A large portion of these visitors hailed from emerging economies, which are increasingly seeking to engage with Indonesian businesses to bolster their own economies and access high-quality products and services from the Southeast Asian giant.

Notably, India emerged as the largest trade partner during the event, securing transactions worth USD 7.46 billion, making it the most significant contributor to TEI 2024's success. Other key countries included Vietnam, with USD 3.67 billion in transactions, and the Netherlands, contributing USD 2.76 billion. The Philippines and Egypt also played significant roles, with transaction volumes of USD 2.25 billion and USD 623.4 million, respectively. These figures underscore Indonesia’s growing influence and its capacity to establish and expand trade ties with key global markets (Wahyudi 38).

Key Highlights of the Expo

One of the major highlights of TEI 2024 was the extensive business matchmaking sessions, which provided an opportunity for Indonesian exporters to directly connect with potential buyers from across the globe. This initiative facilitated over 1,000 individual business meetings, resulting in both short-term and long-term agreements that are expected to have a lasting impact on Indonesia’s export economy. The sessions were highly targeted, matching exporters with buyers based on specific product categories, ensuring that meetings were productive and aligned with business goals.

In addition to the matchmaking sessions, the expo also featured business counseling, where experts provided guidance to businesses on how to effectively navigate the international trade landscape. This was particularly useful for small and medium-sized enterprises (SMEs) that may not have had extensive experience in exporting. Topics such as export regulations, market entry strategies, and best practices for international marketing were covered, equipping businesses with the knowledge they need to succeed in global markets.

Furthermore, the event hosted several international seminars, featuring speakers from both the public and private sectors. These seminars addressed a wide range of topics, from sustainability in global trade to leveraging digital tools for export growth, and provided valuable insights into how businesses can remain competitive in an increasingly interconnected world.

Another unique aspect of TEI 2024 was the introduction of buyers’ night, an informal networking event that allowed international buyers and local exporters to engage in a more relaxed setting. This event fostered personal relationships, which are crucial in international trade, where trust and long-term partnerships are often essential for success.

Indonesia’s Growing Role in Global Trade

The success of TEI 2024 reflects Indonesia’s growing significance in the global trade ecosystem. As one of Southeast Asia’s largest economies, Indonesia has increasingly positioned itself as a critical player in international markets, particularly in sectors such as agriculture, manufacturing, and services. This is largely due to its strategic location, abundant natural resources, and a government that is focused on expanding trade ties through initiatives like the Regional Comprehensive Economic Partnership (RCEP).

Indonesia’s growing trade partnerships with countries like India, Vietnam, and the Philippines—all of which were major contributors to TEI 2024—underscore the effectiveness of Indonesia’s trade policies. The country’s participation in global trade agreements such as RCEP, coupled with the government’s efforts to improve export regulations and infrastructure, has made Indonesia an increasingly attractive destination for international buyers and investors ("Trade Expo Indonesia 2024 Results" 38).

Future Outlook

Looking ahead, the success of TEI 2024 is likely to pave the way for further growth in Indonesia’s export sector. The relationships and agreements forged during the event will contribute to sustained growth in key industries, particularly in agriculture, where Indonesia has significant comparative advantages. Additionally, the increasing role of digitalization and sustainability in trade, as highlighted during the seminars and counseling sessions, will likely shape the future of Indonesia’s trade strategy.

As Indonesia continues to participate in international trade agreements and improves its export infrastructure, events like TEI will remain crucial in helping businesses navigate the complexities of global markets. With its ability to connect exporters with international buyers and provide the tools necessary for success, Trade Expo Indonesia is poised to remain a cornerstone of Indonesia’s trade strategy for years to come.