Latest news with #exportdiversification
Malay Mail
a day ago
- Business
- Malay Mail
Hit by US tariffs, Indonesia plans to sell shrimp to China instead
PANDEGLANG (Indonesia), Aug 6 — At a shrimp farm in Indonesia, more than 16,000km from Washington DC, US President Donald Trump's import tariffs have left Denny Leonardo's expansion plans in disarray. Leonardo had aimed to add about 100 new ponds this year to his 150-pond farm on the southwestern tip of Java island, but was forced to reconsider when US orders dried up in the wake of Trump's initial tariff threats in April. And while the latest 19 per cent tariff, agreed with Washington in July and due to take effect this week, is less than the initial 32 per cent, Leonardo is counting the cost to his business. Denny Leondardo, the 30-year-old owner of Ujung Kulon Sukses Makmur Abadi, a shrimp farm company, gestures during an interview with Reuters in Pandeglang, Banten province, Indonesia, July 29, 2025. — Reuters pic 'With the US pressuring Indonesia's exports, everyone is eagerly looking for new opportunities to diversify, to reduce their dependence on the US,' the 30-year-old prawn farmer said after July's announcement. The United States is the biggest market for Indonesian prawns, buying 60 per cent of the country's US$1.68 billion in shrimp exports last year. Andi Tamsil, the head of Indonesia's shrimp farmers' association, estimates the 19 per cent tariffs could see total exports plunge by 30 per cent this year compared to 2024, putting the livelihoods of one million workers at risk. Even with July's agreement, most US customers are still putting their shrimp purchases on hold, said Budhi Wibowo, who heads an association of seafood businesses. He notes the new rates put Indonesia at a disadvantage against Ecuador, the world's top producer of farmed shrimp, whose import tariff was set at 15 per cent. A worker casts a net into a pond used to raise shrimps at Ujung Kulon Sukses Makmur Abadi, a shrimp farms company in Pandeglang, Banten province, Indonesia, July 29, 2025. — Reuters pic China is the world's biggest importer of shrimp by volume, but Indonesians have preferred to sell to the US where they could get better prices, Budhi said. Before the tariffs, China typically bought only 2 per cent of Indonesia's exports of the seafood. Now the industry is having to work hard to promote its products to Chinese buyers. In June, Tamsil, of the shrimp farmers' association, travelled with a delegation of industry representatives to the southern Chinese city of Guangzhou to meet importers, restaurant owners and agri-commerce platforms. More trips are planned. A drone view shows ponds at Ujung Kulon Sukses Makmur Abadi, a shrimp farms company in Pandeglang, Banten province, Indonesia July 29, 2025. — Reuters pic 'We have a very big opportunity in China that imported around 1 million tonnes of shrimps,' Tamsil said. 'Imagine if we could take just 20 per cent of China's import market.' Budhi, of the seafood association, said Indonesia could also diversify exports to the Middle East, South Korea, Taiwan, and the European Union, especially as Jakarta is close to signing a free trade agreement with Brussels. Back on his farm, Leonardo is confident his business, which he inherited from his father, can weather the US tariff storm. But it might not expand as quickly as he once hoped. 'I am optimistic that my company could survive because there will still be supply and demand. But for growth, I am not that optimistic,' Leonardo said. — Reuters
Yahoo
a day ago
- Business
- Yahoo
Hit by US tariffs, Indonesia plans to sell shrimp to China instead
By Ananda Teresia and Yuddy Cahya Budiman PANDEGLANG, Indonesia (Reuters) -At a shrimp farm in Indonesia, more than 16,000 km (9,942 miles) from Washington D.C., U.S. President Donald Trump's import tariffs have left Denny Leonardo's expansion plans in disarray. Leonardo had aimed to add about 100 new ponds this year to his 150-pond farm on the southwestern tip of Java island, but was forced to reconsider when U.S. orders dried up in the wake of Trump's initial tariff threats in April. And while the latest 19% tariff, agreed with Washington in July and due to take effect this week, is less than the initial 32%, Leonardo is counting the cost to his business. "With the U.S. pressuring Indonesia's exports, everyone is eagerly looking for new opportunities to diversify, to reduce their dependence on the U.S.," the 30-year-old prawn farmer said after July's announcement. The United States is the biggest market for Indonesian prawns, buying 60% of the country's $1.68 billion in shrimp exports last year. Andi Tamsil, the head of Indonesia's shrimp farmers' association, estimates the 19% tariffs could see total exports plunge by 30% this year compared to 2024, putting the livelihoods of one million workers at risk. Even with July's agreement, most U.S. customers are still putting their shrimp purchases on hold, said Budhi Wibowo, who heads an association of seafood businesses. He notes the new rates put Indonesia at a disadvantage against Ecuador, the world's top producer of farmed shrimp, whose import tariff was set at 15%. China is the world's biggest importer of shrimp by volume, but Indonesians have preferred to sell to the U.S. where they could get better prices, Budhi said. Before the tariffs, China typically bought only 2% of Indonesia's exports of the seafood. Now the industry is having to work hard to promote its products to Chinese buyers. In June, Tamsil, of the shrimp farmers' association, travelled with a delegation of industry representatives to the southern Chinese city of Guangzhou to meet importers, restaurant owners and agri-commerce platforms. More trips are planned. "We have a very big opportunity in China that imported around 1 million tonnes of shrimps," Tamsil said. "Imagine if we could take just 20% of China's import market." Budhi, of the seafood association, said Indonesia could also diversify exports to the Middle East, South Korea, Taiwan, and the European Union, especially as Jakarta is close to signing a free trade agreement with Brussels. Back on his farm, Leonardo is confident his business, which he inherited from his father, can weather the U.S. tariff storm. But it might not expand as quickly as he once hoped. "I am optimistic that my company could survive because there will still be supply and demand. But for growth, I am not that optimistic," Leonardo said. ($1 = 16,380.0000 rupiah) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Jordan Times
27-07-2025
- Business
- Jordan Times
EMV mining workshop highlights Kingdom's drive to unlock mineral potential, attract investment
AMMAN — The Economic Modernisation Vision (EMV) workshops continued Sunday at the Royal Hashemite Court with a dedicated session on Jordan's mining sector, underscoring its strategic role in boosting industrial growth, export diversification, and regional development. Bringing together policymakers, investors, and sector experts, the session assessed progress under the EMV's first phase while charting future directions to unlock the full potential of the Kingdom's mineral wealth. Officials and participants highlighted Jordan's rich reserves of phosphates, potash, bromine, copper, and rare earth elements, calling them a cornerstone of the country's industrial base. Jordan ranks seventh globally in phosphate reserves and remains one of the world's top producers of both potash and phosphate. These assets, they said, offer strong potential for attracting foreign direct investment, expanding downstream industries, and enhancing value-added exports in chemicals, fertilisers and metals. The mining sector currently contributes around 8 per cent of Jordan's GDP and accounts for more than 20 per cent of national exports. Companies such as Arab Potash Company (APC) and Jordan Phosphate Mines Company (JPMC) have played pivotal roles in positioning Jordan as a major regional exporter. Stakeholders noted that productivity in the sector remains high, with mining jobs ranking second in GDP contribution per employee after financial services. However, they stressed the need to improve geological surveying, update regulatory frameworks, and streamline licensing procedures to encourage sustainable expansion. The sector's goals under the EMV include boosting employment, especially in mining governorates, improving the investment climate, expanding industrial mining beyond phosphates and potash, and promoting environmentally responsible practices. Plans are also underway to establish an independent geological survey authority and improve data transparency to international standards. Among the key achievements in the first phase were the launch of an online platform showcasing investment opportunities in minerals such as basalt, silica, gypsum, kaolin, dolomite, and feldspar. Additionally, a new regulation was issued in 2020 to govern strategic resource projects, including oil shale, coal, and critical minerals. Participants also emphasised the importance of aligning mining policies with international environmental standards and integrating renewable energy to lower production costs and emissions, thereby strengthening the sector's international competitiveness. As Jordan advances into the next phase of the EMV, the mining sector is poised to become a key driver of industrialisation and sustainable economic development, leveraging both existing strengths and untapped mineral potential. CEO of the Arab Potash Company (APC) Maen Nsour, in an interview with The Jordan Times, reiterated the company's role as one of the 'locomotives of the Jordanian economy', outlining its alignment with the EMV through major investments in production expansion, sustainability and high-value exports. 'We have worked very hard during the past three years to achieve the objectives of the economic vision,' Nsour said, stressing the company's focus on attracting foreign direct investment combined with advanced technologies. A key example, he noted, is the expansion of the Jordan Bromine Company, a joint venture with the American company Albemarle, with a new $813 million investment. 'When we finish this expansion, Jordan will become the largest producer and exporter of bromine and tetrabromine,' he said, highlighting the strategic importance of these commodities across international industries. Nsour also highlighted a $1.1 billion expansion project aimed at increasing potash production by 750,000 tonnes annually. Upon completion, Jordan's total output would reach around 4 million tonnes per year. 'These quantities will be exported to markets in Europe, Brazil, China, India and across the Arab world, and also used in high-value-added industries such as fertilisers and chemicals,' he added. On sustainability, Nsour stressed the centrality of environmental responsibility to APC's strategy. 'We want to maintain an industry that is compatible with the environment and serves the best interests of future generations in Jordan,' he said. He also noted that meeting international sustainability standards, particularly the EU's carbon border adjustment requirements, is essential to maintaining and growing Jordan's presence in key export markets. 'You cannot do that unless sustainability and environmental aspects are very well taken into account,' he said. Jordan Bromine Company (JBC) General Manager Samer Asfour underlined the mining industry's role in job creation and value-added exports. He told The Jordan Times that the company currently employs around 640 Jordanians and is moving ahead with expansion plans expected to boost that number to over 1,000. 'We're definitely bringing foreign currency into the country, addressing unemployment challenges, and playing a major role in the national GDP and total exports,' he said. Asfour also stressed that innovation and technological advancement are central to the company's competitiveness in global markets. 'Our expansion projects are part of a continuous effort to enhance efficiency, increase revenues, and improve the sophistication of our products,' he noted, adding that this aligns closely with the EMV's goals for industrial innovation and export growth. He also pointed to the company's existing international partnerships as a model for sector development. 'JBC is already a successful joint venture between the Arab Potash Company and the largest bromine company in the world. Our ongoing investments reflect our commitment to the local economy and the broader objectives of the EMV.' Arab National Mining Company CEO Ayman Ayash highlighted the company's alignment with the EMV, noting that it was launched as a private sector initiative aimed at unlocking the full potential of Jordan's mineral resources 'The company came as an initiative from the private sector to implement His Majesty King Abdullah's vision for the mining sector,' Ayash. He explained that the firm was founded by prominent Jordanian and regional businessmen to reinforce the strategic partnership between the government and private sector in advancing the mining industry. Ayash stressed that real progress in the mining sector requires foundational reforms across five key areas. He called for the establishment of an independent geological survey authority, describing it as a necessary 'incubator' for the sector. 'This would serve as the backbone for reliable data and resource planning,' he said. Ayash also emphasised the importance of administratively separating the mining and energy sectors, stressing that they are fundamentally distinct industries. 'As long as we continue to operate under a unified Ministry of Energy and Mineral Resources, mining will remain a secondary priority and receive limited attention,' he said. The third priority, he said, is to overhaul existing laws and regulations to align with international best practices and make Jordan more competitive in attracting international investors. 'We must revamp the laws so they are at least equal to those in neighbouring countries,' he said. Ayash also emphasised the importance of establishing a comprehensive mining databank. "This would consolidate geological, geochemical and geophysical data, including borehole samples and historical exploration reports, to provide a solid foundation for future investment and exploration. He also underscored the need for comprehensive financial reforms, calling for the introduction of a more competitive fiscal system and a government-backed exploration enablement program. 'We need a tradable stock exchange platform dedicated to junior mining companies,' he added. 'These companies are the driving force behind international exploration efforts, and they must have reliable access to financing to carry out their work effectively.'
Yahoo
09-07-2025
- Business
- Yahoo
Vietnam to introduce measures to cope with US tariffs, trade official says
HANOI (Reuters) -Vietnam will devise measures to improve product quality to cope with potential risks from U.S. tariffs, as it seeks to expand exports to other markets and reduce its reliance on the United States, the country's deputy trade minister said on Wednesday. The Ministry of Industry and Trade is coordinating with firms to work on the measures, Phan Thi Thang told an investment conference in Hanoi. The Southeast Asian country reached an agreement with the Trump administration that saw a 20% tariff slapped on its products and a 40% levy on transhipments through Vietnam from third countries. Thang said the tariffs offer a chance for Vietnam to improve its product quality and diversify its export markets, with a focus on markets it has free trade agreements with. "With 16 free trade agreements, Vietnam is expanding its export markets to reduce its reliance on the United States market," she said. Vietnam's gross domestic product grew 7.96% in the second quarter, up from 6.93% in the first quarter, but it remains short of the country's full-year growth target of at least 8%. Prime Minister Pham Minh Chinh said at a separate meeting on Wednesday that reaching that target is a "big challenge."
Yahoo
09-07-2025
- Business
- Yahoo
Vietnam to introduce measures to cope with US tariffs, trade official says
HANOI (Reuters) -Vietnam will devise measures to improve product quality to cope with potential risks from U.S. tariffs, as it seeks to expand exports to other markets and reduce its reliance on the United States, the country's deputy trade minister said on Wednesday. The Ministry of Industry and Trade is coordinating with firms to work on the measures, Phan Thi Thang told an investment conference in Hanoi. The Southeast Asian country reached an agreement with the Trump administration that saw a 20% tariff slapped on its products and a 40% levy on transhipments through Vietnam from third countries. Thang said the tariffs offer a chance for Vietnam to improve its product quality and diversify its export markets, with a focus on markets it has free trade agreements with. "With 16 free trade agreements, Vietnam is expanding its export markets to reduce its reliance on the United States market," she said. Vietnam's gross domestic product grew 7.96% in the second quarter, up from 6.93% in the first quarter, but it remains short of the country's full-year growth target of at least 8%. Prime Minister Pham Minh Chinh said at a separate meeting on Wednesday that reaching that target is a "big challenge." Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
