The Ministry of Trade (Kemendag) noted that the value of exports of goods and services rose 21.64% annually (yoy) and was claimed to be a driver of Indonesia's economic growth in the third quarter of 2022. "In the third quarter of 2022, the Indonesian economy grew positively higher at 5.72% from the first quarter's achievement of 5.02% and the second quarter's growth of 5.45%. Indonesia's economic growth is also supported by an increase in national export performance," said Trade Minister Zulkifli Hasan in his statement, Wednesday (9/11). Based on data from the Central Statistics Agency (BPS), in terms of expenditure, the export component of goods and services grew by 21.64%, the second highest after imports of goods and services which grew 22.98%. The increase in export performance this year was influenced by several factors. One of the phenomena is the increase in world export commodity prices (commodity supercycle). In addition, the improvement in the performance of the domestic industry, which has contributed to the improvement in the Purchasing Index (PMI) of the Indonesian manufacturing industry, has also boosted Indonesia's manufacturing exports until the third quarter of 2022 with a contribution of 46.21%. Indonesia's total exports. "Some things that have increased prices in 2022 include coal, palm oil, nickel, and coffee. Meanwhile, Indonesia's manufacturing PMI has always been recorded above 50, even in September it reached the highest figure throughout 2022, which was 53.7," explained the Minister of Trade Zulkifli Hasan. According to Zulkifli, the value of Indonesia's exports in the third quarter was the highest quarterly export value in the last two years.
In the third quarter of 2022, Indonesia's total exports reached US$ 78.20 billion, an increase of 27.30% on an annual basis. This performance was supported by non-oil and gas exports which reached US$ 73.84 billion with a growth of 26.28%. In terms of destinations, Indonesia's non-oil and gas export performance also recorded a positive performance against major trading partner countries. China still occupies the first position as Indonesia's trading partner country with an export value of US$ 17.34 billion in the third quarter of 2022. This export value contributed 23.49% of Indonesia's non-oil and gas exports in the third quarter of 2022 and experienced an increase of 29.70%. Zulkifli added that although Indonesia's export performance showed good performance, the Ministry of Trade remained in the economic location that already existed in several of Indonesia's trading partners. The trading partner countries include Saudi Arabia, Singapore, Hong Kong, and the European Union. "In minimizing these risks, the Ministry of Trade has taken a number of strategic steps, including increasing export market access to non-traditional markets, particularly in Africa, South Asia and the Middle East, through promotions, trade missions, and cooperation agreements," concluded Zulkifli Hasan.
