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.