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View all search resultsExports pick up in February as coal ban ends, commodities surge
Statistics Indonesia (BPS) reported that exports grew 34.14 percent and imports 25.43 percent in February from a year earlier.
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French shipping line CMA CGM Otello, the largest container ship ever to have arrived in Indonesia with a capacity of 8,238 TEU, docks at Tanjung Priok Port in Jakarta on April 23, 2017. The vessel serves the first Jakarta-Los Angeles route. (The Jakarta Post/Stefani Ribka)
E
xports grew faster in February than January as the government lifted the export ban on coal and commodity prices surged following the Russian invasion of Ukraine, while imports eased.
Statistics Indonesia (BPS) reported Tuesday that exports grew 34.14 percent year-on-year (yoy) to US$20.46 billion in February. It was faster than the 25.31 percent annual growth seen in January.
But imports grew 25.43 percent to $16.64 billion in February from a year earlier. This was slower than the 36.77 percent yoy growth booked a month earlier.
“The highest [export] growth was seen in mining,” BPS head Margo Yuwono said in a press briefing on Tuesday, adding that coal was the commodity leading the growth.
The uptick in export growth followed the surging prices of commodities such oil, palm oil, coal and nickel amid the war in Ukraine. Food prices also picked up, in part because the eastern European country is one of the world’s top exporters of wheat.
Read also: Ukraine war may bring windfall to Indonesia's trade balance
In February, the food price index from the Food and Agriculture Organization (FAO) averaged at a record-high 140.7. It marks a 20.7 percent increase from a year earlier, driven by vegetable oil, dairy, cereals and meat.
