The government recorded Indonesia's exports in June 2022 amounted to 26.09 billion US dollars, an increase compared to May 2022 of 21.51 billion US dollars. This significant performance was mainly driven by an increase in exports of palm products after the prices of basic necessities in the country became more stable, so that the ban on exports of palm products was lifted. Head of the Fiscal Policy Agency of the Ministry of Finance Febrio Kacaribu expects an increase in exports in June 2022. This is in line with price stabilization efforts that are increasingly bearing fruit in supporting economic growth in the second quarter and this year in general.
"Thus, the economic recovery and people's welfare remain strong," said Febrio, Tuesday (7/19/2022). According to Febrio, increasing exports of palm oil products is important amid the escalation of various global risks due to the protracted war in Ukraine, as well as various other multidimensional challenges such as the pandemic that has not been fully resolved throughout the world. On the other hand, import performance also strengthened again, supported by imports of raw materials, which indicated that domestic economic activity continued to improve. June 2022 imports amounted to USD 21 billion from May 2022 which was USD 18.60 billion. "The pandemic is getting under control, so that economic activity and people's purchasing power show an increasing trend and continue to improve.
In addition, the increase in imports of raw materials and capital goods reflects the activity of the domestic industrial sector which continues to recover," he said. The recovery in imports related to industrial activity, he said, was in line with the movement of the Manufacturing Purchasing Index (PMI) in June 2022, which remained expansive amid the slowdown in industrial activity that occurred in many countries. The strengthening of these two components of international trade pushed the trade balance surplus in June 2022 to 5.09 billion US dollars, which was mainly supported by the non-oil and gas sector with a surplus of 7.23 billion US dollars. Meanwhile, the oil and gas sector experienced a deficit of 2.14 billion US dollars "The trade balance performance shows that the increase in exports is able to absorb the risk of rising global commodity prices on the import side," said Febrio.
