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Indonesia revises down export growth target in 2017
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A railway car manufactured by state-owned train manufacturer PT Industri Kereta Api (INKA) is loaded onto a cargo vessel that will travel to Bangladesh. INKA has begun its first passenger train exports by shipping 15 passenger trains to Bangladesh, the first batch of the total shipment of 150 passenger trains ordered by Bangladesh Railways. (thejakartapost.com/Wahyoe Boediwardhana)
I
ndonesia revised down its export growth target of non-oil and gas products from 11.9 percent to 5.6 percent due to the slow recovery of global demand.
"Because of the current global economic condition, we've set a realistic target this year of 5.6 percent export growth through more products and country diversification," said Trade Minister Enggartiasto "Enggar" Lukita on Wednesday evening.
“We'll approach local businesses to explore more products that can be exported,” he added.
(Read also: Indonesia's exports to still rely on primary commodities: HSBC)
With the 5.6 percent export growth target, Indonesia expects to earn US$136.2 billion compared to $129 billion last year.
Government-projected exports in 2016 would go down by 14.14 percent to $129 billion from $150.2 billion in 2015, hampered by weak global demand.
From January to November last year, earnings from exports amounted to $130.65 billion, down 5.63 percent from the figure in 2015, although overall trade balance posted a surplus of $7.79 billion, according to the Central Statistics Agency (BPS).
Non-oil and gas exports, the largest contributor to overall exports, dropped by 1.96 percent to $118.8 billion during the period.
The World Trade Organization (WTO) has anticipated global trade growth to rise moderately at between 1.8 percent and 3.1 percent, lower than its initial estimate in April last year. (bbn)
