The Central Statistics Agency (BPS) noted that Indonesia's Trade Balance (BOP) in the third quarter of 2022 experienced a surplus of USD 14.92 billion or equivalent to IDR 234.20 trillion. This figure grew 12.58% compared to the third quarter of 2021. "Indonesia's trade balance in the third quarter of 2022 was a surplus of USD 14.92 billion, growing by 12.58% (yoy)," said Head of BPS, Margo Yuwono at a press conference, Jakarta, Monday (7/11/2022). The BOP surplus in the third quarter of this year came from exports of a number of leading commodities. First, coal which was recorded at USD 13.31 billion. Second, the palm oil commodity whose export value reaches USD 8.9 billion. The three iron and steel commodities that recorded export values reached USD 6.38 billion. In addition to the three commodities, the balance of payments surplus was also supported by the growth of Indonesia's trading partners in the third quarter of 2022. Starting from China, whose economy grew 3.9% in the third quarter. Followed by the United States grew 1.8%, Singapore 4.4%. Then Vietnam grew 13.7%, Taiwan grew 4.1%, and the European Union 2.4%. "So if we look at our trading partners in the third quarter, all of them experienced growth and the highest growth was in Vietnam at 13.7%," said Margo. The economic conditions of these trading partner countries, said Margo, greatly influenced Indonesia. Considering that Indonesia's export performance is one of the backbones of the national economy. "This condition will affect our trade because after all we are an open economy, it really depends on the economic development of our trading partners," he concluded.
The Central Statistics Agency (BPS) released data on Indonesia's economic growth in the third quarter of 2022. So far, it can be seen that Indonesia's economic recovery is still ongoing and getting stronger. Head of the Central Statistics Agency (BPS) Margo Yuwono explained that the Indonesian economy in the third quarter of 2022 compared to the third quarter of 2021 grew by 5.72% (y-on-y). "Economic growth in the third quarter of 2022 grew 5.72% compared to the third quarter of 2021. The trend of annual economic growth is getting stronger and heading for recovery," said Margo Yuwono in a press conference at the BPS Office Monday (7/11/2022). In terms of production, the Transportation and Warehousing Business Field experienced the highest growth of 25.81%. In terms of expenditure, the Export Component of Goods and Services experienced the highest growth of 21.64%. Spatially, the Indonesian economy in the third quarter of 2022 experienced an increase in all provinces, where the province group on the island of Java became the main contributor with a contribution of 56.30% and economic growth of 5.76% (y-on-y).
Previously, the Institute for Economic and Community Research (LPEM) of the Faculty of Economics and Business, University of Indonesia (FEB UI) revealed their latest forecast on Indonesia's economic growth in the third quarter of 2022. "We estimate that Indonesia's economic growth as of the third quarter of 2022 will reach 5.81% yoy, with a range of 5.77 - 5.85%," said Macroeconomic Researcher at LPEM, Teuku Riefky at the Indonesia Economic Outlook 2023 press conference, on Thursday. (3/11/2022). Several supporting factors are the low-base effect which is still quite dominant in Indonesia's economic growth in the third quarter of 2021, strong domestic consumption, and a prominent trade balance surplus that boosts the growth forecast for the third quarter of 2022. Teuku Riefky also stated that LPEM is optimistic that Indonesia's Gross Domestic Product (GDP) growth can reach above 5%. "Looking at the latest developments, Indonesia is likely to achieve GDP growth of above 5% overall in the 2022 quarter," said Teuku. LPEM also predicts that Indonesia's economic growth in the 2022 fiscal year will be able to reach 5.3 - 5.4% yoy. "Going forward, we are still optimistic that Indonesia can achieve a 5% growth rate by 2023 amid the global slowdown," he added. However, Teuku also sees a number of challenges that will be faced by the Indonesian economy given the situation in various developed countries that are facing soaring inflation and aggressive interest rate hikes. "In 2023 there will still be many challenges, both for the global economy and the Indonesian economy. Some of the challenges are commodity prices, which are likely to be relatively normalized in 2023, and the aggressive monetary stance of central banks around the world, as well as inflation which is likely to continue to rise. until the end of 2023," he explained.
