The significant growth in exports came from shipments of goods, which grew 18.03 percent in the second quarter of 2022 (year-on-year (yoy) and exports of services, which soared 60.02 percent (yoy).
Jakarta (Indonesia Window) – The Statistics Indonesia (BPS) noted that exports in the second quarter of 2022 rose by 19.74 percent compared to the same period of 2021 (year-on-year/yoy) due to the windfall from unexpected profits and incomes, as well as increase in commodity prices.
Good international commodity prices make Indonesia profitable, BPS’ head Margo Yuwono announced the economic growth in the quarter II 2022 here on Friday (Aug. 5).
The significant growth in exports came from shipments of goods, which grew 18.03 percent in the second quarter of 2022 (year-on-year/yoy) and exports of services, which soared 60.02 percent (yoy).
Margo said, the number of foreign tourist visits also increased in line with the government’s policies to facilitate the immigration process, especially for tourism, thereby supporting the growth of service exports.
Meanwhile, the increase in the prices of Indonesia’s leading export commodities in the global market also pushed up the value of exports of goods, although they were held back during the period when the export restrictions were imposed on Crude Palm Oil (CPO) and its derivatives.
In addition to rising global commodity prices, Margo said that the economy of Indonesia’s trading partner countries continued to grow in the second quarter of this year, thereby increasing exports of goods significantly.
China’s economy continued to grow by 0.4 percent in the second quarter of 2022, where Indonesia’s exports to this East Asian partner country accounted for 21.52 percent of the total national exports.
In addition, the United States economy which also grew 1.6 percent made Indonesia’s export portion to this country quite high, recorded at 9.89 percent, Margo noted.
With the increase in global commodity prices and the positive economic growth of trading partners, BPS’ head said that in the second quarter of 2022, Indonesia experienced a windfall which made its trade balance surplus recorded at 15.5 billion U.S. dollars.
The surplus increased by 148.01 percent (yoy) and increased by 67.85 percent compared to the previous quarter.
In addition, Margo said, the significant export growth made this sector as a component with the highest rise in Gross Domestic Product (GDP) growth according to expenditure.
Reporting by Indonesia Window