Yellow Light Export Performance, Government Optimizes International Cooperation

JAKARTA - The government through the Ministry of Finance (Kemenkeu) stated that exports began to contract by 2.75 percent year on year during the second quarter of 2023. Likewise, imports recorded a decrease of 3.08 percent.

Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance, Febrio Kacaribu, said the condition occurred amid a slowdown in world trade.

"However, the export of national superior products still grows positively. In volume, the growth of coal exports, processed palm oil, and steel grew 5.1 percent, 56.4 percent, and 18 percent, respectively," he said in a written statement quoted on Tuesday, August 8.

According to Febrio, the government will continue to monitor and anticipate the current risks of the world economy slowdown which will have an impact on Indonesia's international trade performance.

"The government will continue to monitor and anticipate the current risks of the world's economic slowdown, especially the impact on national exports," he said.

Febrio explained that the push for the sustainability of the downstream stage will continue to be carried out to encourage national export performance.

"The government will also continue to take full advantage of various international economic cooperation forums to expand the export market of national products," he stressed.

Meanwhile, the pressure on exports and imports was still helped with economic growth of 5.17 percent in the second quarter of this year.

"With the achievement of this growth rate and the sustainability of structural improvements, the government is optimistic that the national economic growth rate in 2023 is estimated at around 5.1 percent," he said.

Furthermore, Sri Mulyani's subordinate also revealed that Indonesia had upgraded to the upper middle class based on gross national income.

"The growth trend above 5 percent is the result of hard work together and should be appreciated. However, we will continue to accelerate economic growth to be able to achieve the common goal of becoming a high-income country in 2045," closed Febrio.