Jakarta: Indonesia’s export value in August 2021 had reached US$21.42 billion, bracing an all-time high ever since US$18.60 billion was recorded in August 2011, Coordinating Minister for Economic Affairs Airlangga Hartarto stated.
Export realization rose by 20.95 percent (mtm), or 64.1 percent (yoy), which supported Indonesia’s trade value in August 2021 that recorded a surplus of US$4.74 billion, also its highest record since December 2006, with US$4.64 billion.
“This achievement indicates that Indonesia’s economic recovery continues as global demands recover,” the minister noted here on Thursday.
The increase in Indonesia’s exports confirms the recovery of the Purchasing Managers’ Index (PMI) for Indonesian manufacturing that increased, from 40.1 in July 2021 to 43.7 in August 2021, he noted.
This level of Indonesia’s PMI is higher in comparison to its neighboring countries in ASEAN region, such as Myanmar, with 36.5; Vietnam, with 40.2; and Malaysia, with 43.4.
The biggest increase in exports in August 2021 was observed in the animal fat and oil commodity (HS 15), with US$1.544.8 million; mineral fuel (HS 27), with US$573.2 million; and metal seed (HS 26), with US$213.1 million.
Meanwhile, the non-oil-and-gas export destination countries that experienced the highest growth as compared to the earlier month are China, with US$1.212.2 million; India, with US$759.1 million; and Japan, with US$453.2 million.
Along with the increase in exports, Indonesia’s imports in August 2021 reached US$16.68 billion, rising by 10.35 percent (mtm), or 55.26 percent (yoy).
According to Hartarto, increased public mobility along with the relaxation of public activity restrictions (PPKM) boosted imports.
The rising imports in August 2021 were supported by an increase in the imports of capital goods, with 34.56 percent (yoy), and raw or supporting materials, with 59.59 percent (yoy).
“This shows an increase in the industrial production capacity in Indonesia as well as the progress made by Indonesia’s economy that continues to recover,” the minister remarked.
Indonesia’s imports in August 2021 were dominated by the imports of raw or supporting materials, reaching 74.2 percent of the total imports, followed by capital goods, at 14.47 percent, and consumption goods, at 11.33 percent.
Hartarto remarked that the structure indicates a productive economy through greater added value for domestic needs and exports.