Indications of economic recovery becoming increasingly apparent

Indications of economic recovery becoming increasingly apparent

Deputy III of the Presidential Chief of Staff (KSP) Panutan Sakti Sulendrakusuma

Jakarta (ANTARA) - The signals of Indonesia's economic recovery were increasingly visible, particularly from the record trade surplus of US$2.19 billion clocked as of April 2021, according to the Presidential Staff Office (KSP).

Deputy III of the Presidential Staff Office Panutan Sulendrakusuma revealed that with trading partners, Indonesia recorded a trade surplus of up to US$1.2 billion with the United States.

"The government is optimistic that Indonesia's economic conditions would continue to experience significant improvements," Sulendrakusuma noted in a written statement in Jakarta, Monday.

Apart from a trade surplus with the US, Indonesia also enjoyed a trade surplus of US$554 million with the Philippines, and US$439.9 million with India. However, with several other countries, it experienced a deficit, such as US$652.1 million with China, US$418.3 million with Australia, and US$248.1 million with Thailand.

According to Sulendrakusuma, Indonesia's trade surplus cannot be separated from the improving export performance. In April 2021, Indonesia's total exports had reached US$18.48 billion, an increase of 0.69 percent from that recorded in March 2021. Meanwhile, in comparison with April 2020, the total exports in April 2021 increased by 51.94 percent, with details of non-oil and gas exports increasing by 51.08 percent, while oil and gas exports rose by 69.60 percent.

Based on commodity groups, non-oil and gas exports in April 2021 reached US$17.52 billion, while oil and gas exports reached US$960 million.

"This proves the consistency of the government's steps to restore the economy amidst the uncertainty and dynamics of the global economic recovery," Sulendrakusuma stated.

The largest increase in non-oil and gas exports in April 2021 against March 2021 was recorded in iron and steel commodities (HS72) amounting to US$246.2 million, an increase of 17.50 percent.

Meanwhile, the largest decline was clocked in the animal or vegetable fats and oils (HS15) sector, amounting to US$398.3 million, or a decrease of 13.81 percent.

During the January-April 2021 period, exports to China were the largest, valued at US$3.93 billion, followed by US$2.03 billion to the United States, and US$1.32 billion to Japan. The three nations’ exports contributed 41.56 percent to the total export value. Meanwhile, exports to the ASEAN and the European Union amounted to US$3.59 billion and US$1.39 billion respectively.

Sulendrakusuma noted that indications of economic recovery became increasingly apparent from the rise in imports of raw and auxiliary materials and capital goods. In April 2021, the imports of raw and auxiliary materials increased by 33.24 percent, while the imports of capital goods climbed by 11.55 percent as compared to April 2020.

"The high increase in imports in the raw and auxiliary materials and capital goods groups shows a sufficient economic recovery for the second quarter of 2021," he noted.

For the record, in April 2021, the total imports were valued at US$16.29 billion. In comparison with April 2020, the total imports increased by 29.93 percent, with details of non-oil and gas imports increasing by 22.10 percent, while oil and gas imports rose by 136.86 percent. Related news: Government positive economic recovery on horizon
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