Highest Since 2004, Trade Minister Lutfi: 2021 Export Performance Reaches US$231.5 Billion

Minister of Trade, M. Lutfi. (Photo: Doc. Ministry of Trade)

JAKARTA - The Minister of Trade (Mendag) Muhammad Lutfi said that the export performance of 2021 was the highest since 2004. The value reached 231.5 billion US dollars or equivalent to Rp. 3,311 trillion (assuming an exchange rate of Rp. 14,300 per dollar).

"So in 2021 exports will again reach more than 200 billion US dollars, which is 231.5 billion US dollars. This is the highest figure from 2004," he said in a virtual 'Trade Outlook 2022' press conference, Tuesday, January 18.

Lutfi said that there are differences in export performance achievements between 2021 and 2011 where 4 out of 5 export products are manufactured products, namely CPO and its derivatives, steel, electronic and electronic products, and motor vehicles and spare parts.

Furthermore, Lutfi said that of the total export performance of US$231.5 billion, around US$219 billion came from non-oil and gas. Where the sector grew 48.78 percent when compared to the same period the previous year.

Then, Lutfi said imports in 2021 reached US$196.20 billion or grew 38.59 percent. Of which, 25.53 billion US dollars were imports of oil and gas and non-oil and gas reaching 170.67 billion US dollars.

"This causes trade in 2021 to be the highest in history, which is 35.34 billion US dollars, up from 21.62 billion US dollars in 2020," he explained.

Indonesia-China trade grows significantly

Lutfi said the trade came from the news of the holding between Indonesia and China, which grew significantly, namely imports and exports reaching 100 billion US dollars.

Where, Lutfi continued, in 2021 the deficit will be US$ 2.45 billion. This figure is the lowest since the signing of the China ASEAN Free Trade Agreement in 2006 or 2007 ago.

"So this value is the lowest. This is the lowest deficit where the figure is only a third of last year's 7.85 billion US dollars, which is actually also the lowest because previously in 2019 it was more than 15 billion US dollars," he said.

Lutfi also explained that the highest surplus came from the United States, which in 2022 grew from 10.04 billion to 14.52 billion, or grew 44.63 percent.

"What is also very encouraging is the growth and our trade with the Philippines, which grew by around 38 percent from 5.31 billion US dollars to 7.33 billion US dollars and a third of the 7.33 billion US dollars came from our automotive exports." he said.