In 2022, Indonesia's export value has increased significantly to 268 billion USD thanks to three main commodities including iron and steel, fossil energy, and crude palm oil. (Photo: AFP/VNA) Jakarta (VNA) – The Indonesiangovernment has announced that it expects the value of exports to grow by 12.8%in 2023, much lower than the growth of 29.8% in 2022, according to Indonesia’sCoordinating Minister for Economic Affairs Airlangga Hartarto.
Speaking after the recent Government meeting on thecountry’s exports in 2022 and targets for 2023, the minister said that thisyear, export growth will slow down compared to last year.
Similarly, imports are projected to increase by14.9% in 2023 after growing by 29.4% in 2022.
The minister explained that the slowdown cannot beseparated from observations of the global economy's development which has beenprojected to decline.
According to him, Indonesia’s economy has beendeemed resilient because the nation’s dependence on exports is relatively low,contributing less than 50%.
Export's contribution to Indonesia's economic growthis 45%, slightly lower than that of Japan with 47%, but higher than that ofBrazil (40%), China (39%), and the US (28%).
Indonesia's trade growth is also forecast to slowdown, to just about 1% in 2023 while last year, its growth reached 3.5%.
According to the minister, in 2022, Indonesia'sexport value has increased significantly to 268 billion USD thanks tothree main commodities including iron and steel, fossil energy, and crude palmoil (CPO), which contributed largely to the trade surplus./.
