Indonesian Exports in Quarter II/2022 Grow by 19.74 Percent, Minister of Trade Invites to Maintain Momentum
The Minister of Trade or Trade Minister Zulkifli Hasan said that Indonesia's export performance in the second quarter of 2022 grew very well at 19.74%. This growth supported Indonesia's economic growth in the second quarter so that it was able to grow positively by 5.44% year on year (YoY).
“Indonesia's export performance in the second quarter grew the highest at 19.74%. This export performance became an accelerator supporting the Indonesian economy in the second quarter, which grew positively by 5.44 percent YoY," said Trade Minister Zulkifli Hasan in Jakarta, Monday (8/8/2022).
"This is a momentum that we need to maintain in the midst of a weakening global economy and rising inflationary pressures in various countries. Indonesia's economic growth is the best in the world," he said.
Indonesia's economic growth in the second quarter of 2022, continued the Minister of Trade Zulkifli Hasan, was higher than the previous quarter's achievement of 5.01% (YoY).
"This economic growth has even surpassed several trading partner countries such as Singapore with economic growth of 4.8 percent, South Korea (2.9 percent), the United States (1.6 percent), and China (0.4 percent) in the third quarter. II 2022," explained the Minister of Trade Zulkifli Hasan.
From Indonesia's export performance in the second quarter of 2022, based on data from the Central Statistics Agency (BPS), the component of exports of goods and services experienced the highest growth with a contribution of 24.68% of gross domestic product (GDP).
"One of the reasons for this strong increase in exports is the increase in world commodity prices due to the conflict between Russia and Ukraine, which has resulted in global supply disruption and an increase in demand for post-pandemic partner countries," added Trade Minister Zulkifli Hasan.
In the second quarter, Indonesia's oil and gas exports reached USD4.46 billion, or grew by 35.17% compared to the first quarter of 2022. Meanwhile, Indonesia's non-oil and gas exports were recorded at USD70.46 billion, or grew 12.12% from the first quarter of 2022.
Export products that support Indonesia's economic growth in the second quarter of 2022 include mineral fuels (HS 27) such as coal, iron and steel (HS 72) which are derivative products of nickel, metal ore (HS 26), electrical machinery and equipment (HS 85). ), as well as various chemical products (HS 38).
Coal exports (HS 27) in the second quarter recorded a rapid increase from USD8.87 billion in the first quarter to USD15.24 billion in the second quarter of 2022, or grew 71.83% quarter to quarter (q-to-q).
In addition to the main commodities, several Indonesian export products showed very positive performance such as fertilizers (HS 31), ships/boats (HS 89), as well as nickel products and goods thereof (HS 75).
According to Trade Minister Zulkifli Hasan, the performance of exports to Indonesia's main trading partners in the second quarter was also positive. Exports to China, which is Indonesia's main trading partner country, was recorded at USD15.18 billion.
The export value to China contributed 21.54% of Indonesia's exports in the second quarter. In addition, during the same period, exports to India also grew rapidly, amounting to USD6.89 billion, or an increase compared to the first quarter which was recorded at USD4.53 billion.
In terms of imports, statistical data shows that in the second quarter of Indonesia's imports recorded a positive growth of 4.5% compared to the first quarter.
This import growth came largely from the increase in the value of oil and gas imports. Oil and gas imports were recorded at USD10.84 billion in the second quarter, an increase compared to the first quarter which was recorded at USD8.62 billion.
“With high export growth, Indonesia's trade balance in the second quarter recorded a fairly wide surplus of USD15.55 billion. This value exceeds the surplus in the first quarter which was only recorded at USD9.33 billion,” said Trade Minister Zulkifli Hasan.
Meanwhile, continued Trade Minister Zulkifli Hasan, in the period January-June 2022, Indonesia's total trade balance surplus of USD24.89 billion has made history as it is the highest and surpasses the previous highest surplus in 2007 of USD20.15 billion.
Trade Minister Zulkifli Hasan also said that the current turbulent global situation is expected to continue to provide benefits to commodity prices and become a 'windfall' for Indonesia's commodity export performance going forward. “However, the Indonesian government continues to anticipate through strengthening domestic production factors and prioritizing programs that maintain price stability and the availability of basic commodities. In addition, the Ministry of Trade is also actively diversifying export market access through a number of trade agreements to maintain export performance which is growing very well," concluded the Minister of Trade Zulkifli Hasan.
source: sindonews.com
“Indonesia's export performance in the second quarter grew the highest at 19.74%. This export performance became an accelerator supporting the Indonesian economy in the second quarter, which grew positively by 5.44 percent YoY," said Trade Minister Zulkifli Hasan in Jakarta, Monday (8/8/2022).
"This is a momentum that we need to maintain in the midst of a weakening global economy and rising inflationary pressures in various countries. Indonesia's economic growth is the best in the world," he said.
Indonesia's economic growth in the second quarter of 2022, continued the Minister of Trade Zulkifli Hasan, was higher than the previous quarter's achievement of 5.01% (YoY).
"This economic growth has even surpassed several trading partner countries such as Singapore with economic growth of 4.8 percent, South Korea (2.9 percent), the United States (1.6 percent), and China (0.4 percent) in the third quarter. II 2022," explained the Minister of Trade Zulkifli Hasan.
From Indonesia's export performance in the second quarter of 2022, based on data from the Central Statistics Agency (BPS), the component of exports of goods and services experienced the highest growth with a contribution of 24.68% of gross domestic product (GDP).
"One of the reasons for this strong increase in exports is the increase in world commodity prices due to the conflict between Russia and Ukraine, which has resulted in global supply disruption and an increase in demand for post-pandemic partner countries," added Trade Minister Zulkifli Hasan.
In the second quarter, Indonesia's oil and gas exports reached USD4.46 billion, or grew by 35.17% compared to the first quarter of 2022. Meanwhile, Indonesia's non-oil and gas exports were recorded at USD70.46 billion, or grew 12.12% from the first quarter of 2022.
Export products that support Indonesia's economic growth in the second quarter of 2022 include mineral fuels (HS 27) such as coal, iron and steel (HS 72) which are derivative products of nickel, metal ore (HS 26), electrical machinery and equipment (HS 85). ), as well as various chemical products (HS 38).
Coal exports (HS 27) in the second quarter recorded a rapid increase from USD8.87 billion in the first quarter to USD15.24 billion in the second quarter of 2022, or grew 71.83% quarter to quarter (q-to-q).
In addition to the main commodities, several Indonesian export products showed very positive performance such as fertilizers (HS 31), ships/boats (HS 89), as well as nickel products and goods thereof (HS 75).
According to Trade Minister Zulkifli Hasan, the performance of exports to Indonesia's main trading partners in the second quarter was also positive. Exports to China, which is Indonesia's main trading partner country, was recorded at USD15.18 billion.
The export value to China contributed 21.54% of Indonesia's exports in the second quarter. In addition, during the same period, exports to India also grew rapidly, amounting to USD6.89 billion, or an increase compared to the first quarter which was recorded at USD4.53 billion.
In terms of imports, statistical data shows that in the second quarter of Indonesia's imports recorded a positive growth of 4.5% compared to the first quarter.
This import growth came largely from the increase in the value of oil and gas imports. Oil and gas imports were recorded at USD10.84 billion in the second quarter, an increase compared to the first quarter which was recorded at USD8.62 billion.
“With high export growth, Indonesia's trade balance in the second quarter recorded a fairly wide surplus of USD15.55 billion. This value exceeds the surplus in the first quarter which was only recorded at USD9.33 billion,” said Trade Minister Zulkifli Hasan.
Meanwhile, continued Trade Minister Zulkifli Hasan, in the period January-June 2022, Indonesia's total trade balance surplus of USD24.89 billion has made history as it is the highest and surpasses the previous highest surplus in 2007 of USD20.15 billion.
Trade Minister Zulkifli Hasan also said that the current turbulent global situation is expected to continue to provide benefits to commodity prices and become a 'windfall' for Indonesia's commodity export performance going forward. “However, the Indonesian government continues to anticipate through strengthening domestic production factors and prioritizing programs that maintain price stability and the availability of basic commodities. In addition, the Ministry of Trade is also actively diversifying export market access through a number of trade agreements to maintain export performance which is growing very well," concluded the Minister of Trade Zulkifli Hasan.
source: sindonews.com
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