Indonesia’s Exports Grow 30.1% in August 2022

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The export sector showed significant growth. Last August, Indonesia’s exports growth managed to grow 30.15% year on year (YoY), reaching US$ 27.91 billion.

Meanwhile, this export figure rose 9.17 percent compared to July 2022 (month to month/mtm).

This was conveyed by the Deputy for Distribution and Service Statistics of the Central Statistics Agency (BPS) Setianto in a press conference, Thursday (15/9/2022).

Judging from the previous period, growth tends to be slower. Due to the declining prices of Indonesia’s mainstay commodities.

“The prices of Indonesia’s mainstay commodities were lower than the previous month, such as palm oil, iron ore, and nickel,” he explained.

Setianto said that the increase in export value in August 2022 was supported by non-oil and gas and oil and gas exports, which increased by 8.24 percent and 25.59 percent, respectively.

“In August 2022 compared to last year [yoy] our exports increased by 30.15 percent. When viewed from oil and gas exports, it increased by 64.4 percent, and volume increased by 7.79 percent. Meanwhile, non-oil and gas rose 28.3 percent, volume rose 9.38 percent,” Setianto said, Thursday (15/9/2022).

He said the increase in exports mainly occurred in animal/vegetable fat oil commodities. Commodities that are quite large are machines and electrical equipment and their share is 21.16 percent.

Setianto also revealed that oil and gas exports were mainly changes in exports for gas, which rose 29.35 percent and volume increased by 14.99 percent due to an increase in aggregate prices of 12.49 percent.

In August 2022, when compared on an mtm basis, he said all sectors experienced an increase, except the mining sector. The biggest increase was in the industrial sector with US$19.79 billion, mining with US$5.95 billion, followed by commodities with US$1.72 billion, and agriculture with US$450 million.

Changes in mtm, oil, and gas increased by 25.59 percent which was mainly driven by an increase in gas commodities. The agricultural forestry sector increased by 16.99 percent, mainly coffee, annual fruits, and coffee. Mining fell 6.66 percent, mainly driven by copper ore lignite coal.

Other natural resource commodities which also support Indonesia’s exports have recorded an increase in prices in the global market.

For example, the price of nickel has increased by 10.57% in the last month to US$ 24,257 per ton.

Meanwhile, the price of aluminum has decreased by 4.81% in the last month to today at US$ 2,275 per ton.

Previously, economists predicted that Indonesia’s trade balance could still record a surplus in August 2022. However, this time the surplus will shrink.