Amidst various global uncertainties, Indonesia still managed to register an impressive performance in terms of trade balance
Jakarta (ANTARA) – Coordinating Minister of Economic Affairs, Airlangga Hartarto, believes that the trade balance surplus in 2021 will strengthen the resilience of Indonesia’s external sector to make it stronger to face challenges in 2022.
“In the midst of various global uncertainties, Indonesia still managed to register an impressive performance in terms of trade balance. This performance will increase the resilience of Indonesia’s external sector, so that we will be stronger to face various challenges that should continue”. this year,” Hartarto noted in an official statement received here Tuesday.
In 2021, Indonesia’s trade balance surplus was recorded at US$35.34 billion. The gain is the highest on record for the past 15 years or since 2006, when the trade surplus hit $39.37 billion.
The surplus performance in 2021 was supported by the value of exports which had reached $231.54 billion, representing a growth of 41.88% year-on-year, and was driven by exports of downstream superior base, such as crude palm oil (CPO).
This encouragement is evident from the exports of animal fats and oils or vegetable oils, which in 2021 had reached $32.83 billion, a year-on-year increase of 58.48%.
In addition to CPO, Hartarto noted that downstream nickel has also bolstered Indonesia’s export performance, with export growth of nickel and products processed from these products increasing 58.89% year-on-year. to reach $1.28 billion.
“This achievement indicates that Indonesia’s economic recovery is continuing, which is also reflected in increased value addition in the manufacturing sector. year to US$177.11 billion,” he noted.
Indonesia’s import value in 2021 also increased to $196.20 billion, a year-on-year growth of 38.59%.
Indonesia’s import structure in 2021 was dominated by imports of raw materials and auxiliary materials at 75.12% of total imports, followed by capital goods at 14.59% of total imports and consumer goods representing 10.29% of total imports. This structure indicates that the Indonesian economy has been productive in creating value addition, both for domestic and export needs..
The steady decline in COVID-19 cases in the last months of 2021 has prompted the government to impose an easing of mobility restrictions, so that economic activity can proceed more smoothly.
However, Hartarto said he would remain vigilant for the potential spike in cases of the Omicron variant of COVID-19, which is expected to peak in late January or early February 2022.
“With the increasingly effective control of COVID-19 and good anticipatory measures against the spread of the Omicron variant, as well as the implementation of strict health protocols, we are optimistic that cases of COVID-19 will continue. decline, so that these developments can accelerate economic recovery. The trade surplus that remains stable in 2021 is also due to the strong performance of Indonesia’s major commodity exporters,” he said.
Hartarto affirmed that the positive performance of the trade balance in 2021 will continue to be maintained by optimizing various policies, including encouraging more exports of value-added products.
Hartarto added that the positive performance of the trade balance in 2021 will continue to be maintained by optimizing various policies, including encouraging more value-added commodity exports.
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