Indonesia's Exports Grow 44.36% in March 2022

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Dzulfiqar Fathur Rahman 18/04/2022 14:40 WIB

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Indonesia's Central Statistics Agency (BPS) reported that Indonesian goods exports surged 44.36% to US$26.50 billion in March year-on-year.

Annual Export Growth by Category (March 2022)

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Annual Export Growth by Category (March 2022)

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Indonesia's Central Bureau of Statistics (BPS) reported that the country's goods exports surged 44.36% year-on-year to US$26.50 billion in March, continuing a rapid growth fueled by soaring commodity prices.

March's year-on-year export growth marked an upward trend as it was faster than the 34.14% year-on-year growth recorded in February.

Mining exports recorded the fastest year-on-year growth in March, at 143.91% to US$5.4 billion. This accounted for roughly one-fifth of total goods exports.

Oil and gas (migas) exports recorded the second-fastest year-on-year growth, at 54.75% to US$1.41 billion, while non-oil and gas exports grew 43.82% to US$25.09 billion in March year-on-year. This was followed by manufacturing exports and exports from the agriculture, forestry, and fisheries sectors.

March's year-on-year export growth exceeded Bank Mandiri economists' forecast of 26.33%.

"Export performance was driven primarily by the surge in coal and palm oil prices," wrote Andry Asmoro, chief economist at Bank Mandiri, in an analysis released on Monday (April 18, 2022).

"However, we see a risk of lower global trade volume as many partners are now facing rising inflation," Andry added.

Editor : Annissa Mutia

"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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Indonesia's Exports Grow 44.36% in March 2022

Indonesia's Exports Grow 44.36% in March 2022

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Indonesia's Exports Grow 44.36% in March 2022

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