January export raises optimism over RI's growth
January export raises optimism over RI's growth
Rendi A. Witular, The Jakarta Post, Jakarta
A rise in non-oil and gas exports drove the overall export
figure in January slightly higher by 0.74 percent compared to the
same period last year, raising hopes that export could help
accelerate economic growth to 4.8 percent this year.
The Central Statistics Agency (BPS) reported on Monday that
export during January stood at US$5.03 billion against the $4.99
billion posted in January 2003, due to a 0.99 percent rise in
non-oil and gas export to $3.83 billion.
"At the start of 2004, Indonesia's export in January once
again surpassed the $5 billion figure," the agency said.
Indonesia, Southeast Asia's largest economy, is counting on
exports and consumer spending to achieve its 4.8 percent growth
target this year, as investment remains in the doldrums.
Last year, net exports contributed slightly above 20 percent
of the 4.1 percent growth, as various problems at home and the
weak global economy hampered export performance.
The government has estimated non-oil and gas export this year
to grow by 7 percent from $47.38 billion in 2003 to $50.7 billion
on the backs of expected recovery in the global economy and
rising demand from China's fast-expanding economy.
Elsewhere, the agency said that wood and wood-based products
topped the list of the major non-oil and gas export commodities
in January, followed by animal and vegetable fats and oil, then
paper and cardboard.
Export of wood and wood-based products increased to $299
million in January, from $265 million in the same period last
year, while animal and vegetable fats and oils rose to $247
million from $244 million, and paper and cardboard to $213
million from $166 million.
Other top non-oil and gas export commodities include footwear,
which surged to $136 million from $96.7 million, and synthetic
filament, which rose to $95.5 million from $94.1 million.
"Japan was Indonesia's largest export destination in January
with a non-oil and gas export value of $594 million," the BPS
said, adding that the United States and Singapore were the second
and third largest export destinations, respectively.
As for oil and gas exports, the country recorded $1.19 billion
throughout January, down slightly by 0.03 percent from last year,
mostly due to a 27 percent drop in the oil export volume.
The BPS said imports in January increased slightly by 0.24
percent to $2.75 billion, but was 2.76 percent lower compared to
December's figure.
Import figures can be an indicator of investment activities,
as the country's production sector is heavily dependent on
imported raw materials.
Meanwhile, the trade surplus in January was slightly higher at
$2.28 billion, against $2.26 billion in the same month of 2003.