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Indonesia’s exports forecast to double over decade
Exports will grow from US$160 billion to $348 billion in 2030, according to a study by Standard Chartered.
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Vehicles travel down Jl. Pak Kasih at the Pelindo II-operated Dwikora river port on the Kapuas River in Pontianak, West Kalimantan, in this undated photograph. The port, located 17 miles from high seas, has a limited capacity, hampering exports of commodities like crude palm oil. (The Jakarta Post/Severianus Endi)
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ith exports forecast to double in value from 2020 to 2030, Indonesia will enjoy one of the fastest growth rates among emerging markets, according to analysts at Standard Chartered.
The study from the London-based bank forecasts that an annual growth rate of 8 percent will lift Indonesian exports to US$348 billion in 2030.
The projected annual rate is the third-highest among the countries studied, with only Nigeria at 9.7 percent and Malaysia at 8.3 percent expected to see faster export growth.
Thus, Indonesia is among the 13 emerging markets set to “define the flow of future global trade” because of their rising domestic consumption and developing natural resource industries.
“Globalization is still happening, and Indonesia offers a strategic position in global future trade,” said Standard Chartered CEO for Indonesia and ASEAN Andrew Chia in a statement.
Read also: Indonesia's export, trade surpluses hit record high again in October
Mining, agriculture, specifically palm oil, and the textile industry will be the main drivers of Indonesia’s export growth, accounting for 29 percent, 20 percent and 11 percent of total exports in 2030, according to the study.
