Indonesian Exports Rise Monthly But Drop Annually, What Sign?

Illustration (Photo: Doc. Antara)

JAKARTA The Central Statistics Agency (BPS) reported that Indonesia's export performance had increased by 5.47 percent month to month (mtm) from 20.86 billion US dollars in July 2023 to 22 billion US dollars in August 2023.

"The monthly increase in exports is supported by the increase in export value that occurs in oil and gas and gas commodities," said Plt. Head of BPS Amalia Adininggar Widyasanti at a press conference in Jakarta, Friday, September 15.

Amalia detailed that non-oil and gas exports rose 5.35 percent mtm to 20.69 billion US dollars from the previous 19.64 billion US dollars.

Meanwhile, oil and gas exports grew higher by 7.50 percent to 1.32 billion US dollars from the previous month which amounted to 1.23 billion US dollars.

On the other hand, Amalia revealed that Indonesia's export performance had decreased when compared to the same period the previous year or year on year (yoy).

It was stated that exports in August 2023 amounting to 22 billion US dollars recorded a sharp decline of 21.21 percent yoy from August 2022 which amounted to 27.93 billion US dollars.

"In August 2022, Indonesia's non-oil and gas exports amounted to 26.27 billion US dollars. As for oil and gas exports amounted to 1.66 billion US dollars," he said.

"This annual decline in exports continues the downward trend that has occurred since the beginning of the year because it is influenced by the development of Indonesia's leading commodity prices in the global market, where this year's prices are relatively lower than last year," said Amalia.