TEMPO.CO, Jakarta - The Statistics Indonesia (BPS) on Thursday announced that exports in March reached US$18.35 billion and saw a double digit growth of 20.31 percent month-to-month (mtm), and 30.47 percent year-on-year (yoy).
“This is an exhilarating growth. Two digits,” said BPS Head Suhariyanto in the virtual press conference on March 15.
This was the highest growth logged throughout the year. In January, exports grew -7.48 percent mtm and 12.24 percent YoY, while in February 2021, the exports grow -0.19 percent mtm and 8.56 percent YoY.
According to Statistics Indonesia, the double digit growth was triggered by the increase in prices of oil and gas and non-oil and gas sectors, which are Indonesia’s main export commodities. The growth was also affected by the increasing demands from export countries.
Take example of the Indonesian Crude Price (ICP) that surged from US$60.36 in February to US$63.5 per barrel in March with recorded growth of 5.2 percent mtm and 85.51 percent yoy. Price increases were also recorded in non-oil and gas commodities such as coal, kernel oil, crude palm oil (CPO), copper, aluminium, and led.