The Centre for Strategic and International Studies (CSIS) has projected that Indonesia’s trade surplus this year will breach the level recorded in 2021, when it was recorded at US$35.3 billion.
“If the ban on the export of several commodities does not much disrupt (exports), the trade surplus in 2022 will be higher,” CSIS economist Fajar Hirawan said in Jakarta on Tuesday.
The trade surplus will remain under control despite the ban on the export of several commodities that may reduce the country’s export value, he projected.
An uptick in global commodity prices since the third quarter of 2021 has boosted the Indonesian economy through export growth, he said.
National economic growth in the third quarter of 2021 was fueled by exports, which swelled almost 30 percent, he noted. Consequently, the domestic economy expanded by 3 percent compared to the previous quarter despite the enforcement of emergency public activity restrictions, he said.
“The upward trend in commodity prices will still continue at least until the third quarter of 2022,” he forecast.
Indonesia exports commodities, including crude palm oil (CPO), coal, and other extractive goods, whose prices have continued to increase in the global market, he noted.
The mining and agricultural sectors will continue to spur exports in 2022, he predicted.
“CPO will remain the key export commodity for Indonesia,” he added.
Source: Antara News