Indonesia’s Highest Export Record in History Occurred in March 2022


Indonesia managed to break the highest export record in its history. This is after Indonesia recorded an export value of US$26.6 billion in March 2022.

The Central Statistics Agency noted that the export performance increased by 29.42 percent on a monthly basis (month-to-month/mtm), of which non-oil and gas exports increased by 28.82 percent mtm, while oil and gas exports increased by 41.24 percent mtm.

“Exports in March 2022 are the highest in history,” said the Head of the Central Statistics Agency (BPS) in a virtual press conference, Monday (4/19/2022).

Meanwhile, on an annual basis, Indonesia’s exports also recorded a significant increase, by 44.36 percent (year-on-year/yoy).

“The main export that contributed to the increase in non-oil and gas was due to the increase in mineral fuels, which in March increased by 54.45 percent mtm, followed by iron and steel at 37.15 percent mtm,” explained Margo.

The increase in exports was also influenced by the increase in commodity prices due to the war between Russia and Ukraine, for example, the price of Indonesian crude oil on the world market or ICP increased by 18.58 percent monthly or 78.74 percent on an annual basis.

This solid export performance also boosted the high trade balance surplus which was recorded at US$4.53 billion.

“From our records, the trade balance is a consecutive surplus for 23 months,” said Margo.

He added that the types of goods that contributed to the trade balance surplus were mineral fuel, vegetable oil, and iron and steel. Then, the countries that contributed to the surplus were the United States, India, and the Philippines.

“With the US, we have a surplus of US$2.03 billion from animal or vegetable fats and oils and footwear. Then, India has a surplus of US$1.21 billion from mineral fuels and also animal or vegetable fats and oils. $916 million from the vehicle sector and parts thereof,” he said.