Indonesia’s Exports Grow Fast up to 27%

export destinations revealed by BPS

Indonesia recorded a good exports performance in May 2022. Based on records from the Central Statistics Agency (BPS) Wednesday (15/6), Indonesia’s export value last month was US$ 21.51 billion. This figure is up 27% compared to the same period last year (year-on-year/yoy).

The increase in May actually slowed compared to the previous month (April) due to a three-week ban on exports of crude palm oil (CPO) and its derivatives.

In April 2022, Indonesia’s exports were able to grow up to 47.76% YoY. One of the causes of the slowdown in export growth is the ban on the exports of CPO and its derivative products.

President Joko Widodo (Jokowi) briefly banned the export of these commodities for three weeks, from April 28 to May 23, 2022.

“Some commodities are still experiencing an increase. For example, crude oil from May last year was priced from US$ 65.5/barrel to US$ 109.6/barrel. Then CPO still experienced an increase up to 51.08%.

“Then there is the issue of export restrictions. In Ukraine, there are restrictions on export permits for poultry, eggs, sunflower oil, and beef. Then in Russia, there are several bans on exports of wheat, meslin, sugar, barley, fertilizers, and nitrogen fertilizers.

“China has a ban on fertilizer exports, India has a ban on wheat exports. Indonesia has also banned the export of CPO and its derivatives,” said Setianto, Deputy for Distribution Statistics and Services at BPS, at a press conference.

Previously, in April, the Central Statistics Agency (BPS) recorded that Indonesia’s export value reached the highest in history, namely USD 27.33 billion.

“This April 2022 export figure is the highest of all time. The previous record was set in March 2022, which was USD 26.5 billion,” said BPS Head Margo Yuwono as quoted by Antara, Tuesday (17/5/2022).

Margo explained that the value of Indonesia’s export during April 2022 rose 3.11 percent compared to exports in March 2022. When compared to April 2021, the export value increased by 47.76 percent.

Cumulatively, the value of Indonesia’s export from January to April 2022 reached USD 93.47 billion, an increase of 38.68 percent compared to the same period in 2021. Meanwhile, non-oil and gas exports reached USD 88.73 billion, an increase of 39.12 percent.

According to BPS data, the largest increase in non-oil and gas exports from April 2022 to March 2022 occurred in mineral fuel commodities, which amounted to USD 642.8 million (13.88 percent), while the largest decrease occurred in goods made of precious metals and jewelry/gems, which amounted to USD 525. 0.0 million (47.84 percent).

By sector, non-oil and gas exports from the processing industry in January–April 2022 rose 29.19 percent compared to the same period in 2021, where exports of agricultural, forestry, and fishery products rose 11.94 percent, and exports of mining and other products rose 106.29 percent.

In addition, the largest non-oil and gas exports in April 2022 were to China at USD 5.49 billion, followed by the United States at USD 2.46 billion and Japan at USD 2.24 billion, with the contribution of the three reaching 39.37 percent. Meanwhile, exports to ASEAN and the European Union (27 countries) were respectively USD 5.44 billion and USD 2.02 billion.

According to the province of origin, Indonesia’s largest exports in January–April 2022 came from West Java with a value of USD 13.03 billion (13.94 percent), followed by East Kalimantan at USD 9.51 billion (10.18 percent) and East Java at USD 9.13 billion (9.77 percent).