Indonesia's exports in August 2022 again recorded a positive performance with a value of USD 27.91 billion, growing strongly by 30.15% (yoy) and 9.17% (mtm). This export was recorded as the highest export of all time. Cumulatively, the export value and trade balance from January to August 2022 were recorded at USD 194.6 billion and USD 34.9 billion, respectively. Both are record highs in Indonesia's economic history. This achievement fosters optimism that Indonesia's economic growth throughout 2022 can exceed the 5.2% target set by the government. "Indonesia's economic growth in 2022 is expected to match or even exceed the government's target," said Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance, Febrio Kacaribu in a written statement, Sunday (18/1/2022).
In addition to the high number of exports, Febrio explained, economic growth is also supported by public consumption which is expected to continue to strengthen, as well as government spending that continues to increase through various programs, such as social aid (bansos). "The contribution of the state budget as a shock absorber, one of which is through the policy of energy subsidies and compensation, helps to keep the overall economic recovery sustainable," he said. As a result, oil and gas exports as of August 2022 still grew very high reaching 64.46% (yoy). Meanwhile, non-oil and gas exports also recorded growth of 28.39% (yoy). From a sectoral perspective, the mining sector recorded the highest growth reaching 63.17% (yoy), followed by agriculture which grew 31.17% (yoy), and manufacturing which grew to 20.61% (yoy). "This achievement reflects that Indonesia is still enjoying the benefits of rising commodity prices. In addition, manufacturing growth also indicates that Indonesia's high value-added economic activity is increasing," he said. "Going forward, even in the midst of risks such as China's economic slowdown, exports are expected to continue their good performance from the previous month," said Febrio.
