Bank Indonesia (BI) predicts that the Indonesian economy in the fourth quarter of 2021 will grow in line with increased export activity. This was conveyed by the Director of the BI Department of Economic and Monetary Policy, IGP Wira Kusuma. According to him, in the third quarter of this year, the domestic economy grew by 3.51 percent. This growth was contributed by, among other things, a surge in exports. "Export activity has even grown higher than the increase before the pandemic period," he said, during a discussion on the latest economy and policy response that was held in Surabaya, East Java, Saturday (20/11). In the third quarter of this year, Wira said, exports grew 29.16 percent year on year (yoy). The figure continued double-digit growth in the second quarter. He said the increase in exports was driven by increased demand from Indonesia's main trading partners. In addition, rising commodity prices are also a breath of fresh air for Indonesia's economic growth prospects. This slick performance was then reflected in the trade balance surplus that occurred during January-October 2021 of US$ 30.81 billion.
It is believed that this positive trend will continue, along with the rising prices of various commodities traded by Indonesia. Wira stated that this export activity will be the biggest contributor to economic growth in 2021. "Exports will help in the future. What about the domestic market, we hope that exports will also follow developments, so that it will fit later," he said. As is known, Indonesia's trade balance again scored a surplus in October 2021. The Central Statistics Agency (BPS) noted that the trade balance surplus in the month under review was 5.73 billion US dollars. According to BPS data, the trade balance surplus has again set a record high, replacing the position in August 2021 which was recorded at 4.74 billion US dollars.
Head of BPS, Margo Yuwono, said the jumbo surplus in October 2021 was driven by an increase in both the value of exports and the value of imports. The export value was recorded at 22.03 billion US dollars, or up 6.89 percent month to month (mtm) and on an annual basis, up 53.35 percent yoy.
Meanwhile, the import value was recorded at 16.29 billion US dollars, or up 0.36 percent mtm and on an annual basis, up 51.06 percent yoy. The realization of the trade balance performance in October 2021 made Indonesia experience a trade balance surplus for 18 consecutive months. If viewed from January to October 2021, or cumulatively, Indonesia experienced a surplus of 30.81 billion US dollars. This achievement is higher than the same period last year, which amounted to 16.93 billion US dollars. "Exports in October 2021 are quite high. Disaggregated, oil and gas increased 66.84 percent yoy, and non-oil and gas increased 52.75 percent yoy," he said, via video conference, Monday (15/11).
Sources: https://jateng.tribunnews.com/2021/11/22/bi-ekspor-jadi-penopang-pertumbuhan-ekonomi-2021?page=2
