Exports down 13.41% in March

The Jakarta Post, Jakarta

Exports dropped by 13.41 percent to US$4.54 billion in March from $5.24 billion the same month last year, the Central Bureau of Statistics (BPS) reported on Wednesday.

The bureau did not disclose the reason for the decline, but experts claim the current slowdown in the world economy particularly in the U.S., Indonesia's main export market, is affecting exports, which was the main factor behind the country's phenomenal economic growth in 2000.

BPS, however, said that exports had increased from February by 8.56 percent due to higher oil prices.

It pointed out that oil and gas exports jumped by 24.78 percent to $1.02 billion, while non-oil and gas exports were up by 4.66 percent to $3.52 billion.

Oil prices have jumped to around $26 per barrel due to the current tension in the Middle East.

BPS said that the cumulative exports figure in the first quarter of this year totaled $12.8 billion, which is 13.89 percent lower than the same period last year.

The U.S., Japan, and Singapore continue to be Indonesia's largest export markets, which together absorbed 41.13 percent of March's export value.

BPS also reported that imports in March dropped by 25.1 percent to $2.32 billion compared to the same period last year.

Analysts have said the slower export performance had also affected imports because the country's export industries still imported much of its raw materials.

But BPS said that compared to the previous month, imports in March increased by 17.16 percent to $2.32 billion.

The cumulative import figure during the first three months of this year fell by 30.71 percent to $6.38 billion.

The trade figure put the country's trade surplus in March at $2.22 billion.