Exports jumped to $7.27b in October
Exports jumped to $7.27b in October
The Jakarta Post, Jakarta
Exports in October jumped by 46 percent from the same period last
year, defying earlier concerns that the country was losing its
share in the export market due to tougher competition from more
efficient economies.
The Central Statistics Agency (BPS) reported on Wednesday that
exports soared to US$7.27 billion during the month, from $4.99
billion in October 2003.
The BPS said higher oil and gas exports and non-oil and gas
exports both contributed to the strong export revenue.
"The latest data shows that Indonesian exports continues to
grow, and will hopefully maintain this record-high state until
the end of the year," said senior BPS official Dantes Simbolon.
"Our star in exports for this month is the furniture
industry," he said. "This is because many people tend to renovate
and redecorate their houses toward the end of the year, and our
furniture industry has grabbed this opportunity."
He said, however, that the largest contributor in non-oil and
gas exports remained electrical appliances and machinery,
although its contribution dropped by more than 50 percent
compared to September.
Japan was the largest market for non-oil and gas products in
October, followed by the U.S., Singapore and China.
Exports in the period from January to October increased by
more than 15 percent from the same 10-month period last year to
$58.5 billion, with non-oil and gas exports increasing by 15.76
percent to $45.66 billion and oil and gas exports rising by 12.74
percent to $12.87 billion.
The government, which has targeted non-oil and gas exports to
grow by 7 percent to about $50 billion, is hoping that exports
will play an increasing role in accelerating economic growth.
The economy is expected to grow by 4.8 percent this year and
5.4 percent next year, with growth dependent mainly on domestic
consumption over the past few years.
Meanwhile, imports increased in October by 57 percent from the
previous month to $4.3 billion, and the trade surplus widened to
$2.95 billion, from $2.92 billion in September.