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Early 2023 Sees Drop in Export Demand, Primarily from the US and EU

Adi Ahdiat 16/03/2023 12:50 WIB

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Indonesia's export performance declined in early 2023. The most significant drop in export demand came from the United States and the European Union.

Percentage Increase/Decrease in the Value of Indonesian Non-Oil and Gas Exports by Main Destination Country (January-February 2023*)

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Early 2023 Sees Drop in Export Demand, Primarily from the US and EU

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Percentage Increase/Decrease in the Value of Indonesian Non-Oil and Gas Exports by Main Destination Country (January-February 2023*)

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According to a report by the Central Statistics Agency (BPS), Indonesia's export value in February 2023 reached approximately USD 21.4 billion, a 4.15% decrease compared to the previous month (month-on-month/mom).

Early this year, export demand decreased most significantly from the United States (US) and the European Union.

In the January-February 2022 period, Indonesia's export value to the US still reached USD 4.96 billion. However, in January-February 2023, it fell by 22.15% to USD 3.86 billion.

During the same period, non-oil and gas exports to the European Union decreased by 11.54% from USD 3.28 billion to USD 2.90 billion.

Meanwhile, non-oil and gas exports to China increased significantly, as shown in the graph. However, cumulatively, the increase in sales to that country has not been able to boost national export value.

The decline in Indonesia's export performance was previously predicted by the World Bank.

In its Indonesia Economic Prospects (IEP) report, December 2022 edition, the World Bank projected that Indonesia's economic growth in 2023 would weaken due to reduced global demand.

"Weakening global demand can harm Indonesia's export performance and reduce foreign investment flows. Global monetary tightening can also trigger larger capital outflows and rupiah depreciation, which then triggers inflation," said the World Bank.

In response to this situation, the Minister of Manpower (Menaker) Ida Fauziyah has issued Manpower Minister Regulation Number 5 of 2023 concerning the Adjustment of Working Hours and Wages in Certain Labor-Intensive Export-Oriented Industries Affected by Global Economic Changes.

The regulation allows certain industries to make adjustments, one of which is to cut workers' wages by a maximum of 25%. The details are contained in Article 8, which reads:

(1) Certain labor-intensive export-oriented industries affected by global economic changes may adjust the amount of wages paid to workers/laborers, with the provision that the wages paid to workers/laborers are at least 75% (seventy-five percent) of the usual wages received.

(2) The adjustment as referred to in paragraph (1) is carried out based on an agreement between the employer and the workers/laborers.

The certain labor-intensive export-oriented industries referred to in the regulation are the textile and garment industry; footwear industry; leather and leather goods industry; furniture industry; and children's toy industry.

Labor-intensive industries allowed to cut workers' wages must meet the following criteria:

* A minimum of 200 workers/laborers;
* The percentage of labor costs in production costs is at least 15%; and
* Production depends on order requests from the United States and European countries, evidenced by order requests.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Early 2023 Sees Drop in Export Demand, Primarily from the US and EU

Early 2023 Sees Drop in Export Demand, Primarily from the US and EU

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