March exports strike record high
JAKARTA (JP): Indonesia's monthly export earnings reached a record high level in March due to the sharp increase in the volume of non-oil and gas exports, the Central Bureau of Statistics (BPS) announced on Monday.
BPS chief Sugito Suwito said the country's monthly export earnings rose by 3.67 percent to US$4.94 billion in March, the highest level ever achieved by the country.
Non-oil and gas exports for March increased by 4.5 percent to $3.83 billion from $3.67 billion in February, while non-oil imports increased 1.2 percent to $1.77 billion from $1.75 billion.
March's foreign exchange earnings from oil and gas exports increased slightly to $1.10 billion, from $1.09 billion in February. Oil imports also increased to $473 million from $362 million.
"Although the volume of oil and gas export products decreased (in March), the country booked higher revenues during the month because oil and gas market prices increased," Sugito said.
The strength of international oil and gas prices in the last six months has benefited the country's income from this sector.
The bureau said the country's trade surplus widened to $2.69 billion in March from $2.53 billion in February.
Total export value in the January-March period increased by 38.7 percent to US$14.1 billion compared to levels in the same period last year.
The bureau said that in the first three months of the year, oil and gas exports increased 79 percent to $3.35 billion from $1.87 billion in the same period the previous year. Oil and gas imports increased 80 percent to $1.26 billion from $700 million in the first quarter of last year.
Non-oil and gas exports in the first quarter increased 29.62 percent to $10.75 billion from $8.29 billion a year earlier. Non- oil and gas imports increased 8.4 percent to $5.27 billion from $4.86 billion in the first quarter last year.
Sugito said there were significant increases in the amount of imported raw materials and capital goods, while imports of consumer goods decreased during the first two months of the year.
"The increase in supporting raw materials and capital goods are signs that manufacturing activities are running again and people are perceiving a projected economic growth," he said.
"This is a positive development. We should expect to see increasing exports in the near term," he added.
The imported capital goods, Sugito said, were sea transport equipment, steel pipes and electrical equipment.
The monthly inflation rate in April increased by 0.56 percent compared to the previous month due to an increase in electricity rates, civil servants' salaries and the price of cigarettes.
The government raised civil servants' salaries, the minimum wage and electricity rates in early April.
Sugito said the year-on-year inflation rate was 0.15 percent.
He said the April inflation rate would have been higher had the government banned rice imports, implemented price increases in all gasoline grades and raised public transit fares.
The government recently raised the price of unleaded gasolines Super TT and Premix, while delaying an increase to the commonly used Premium gasoline.
"This year's inflation rate could reach a range between 7 percent and 8 percent if these fiscal measures (fuel and public transport fare hikes) are taken by the government by June," he said.
According to the bureau, all the consumer price indexes had increased in April except for food prices which fell by 0.46 percent.(udi)