xports from Indonesia’s manufacturing and agriculture sectors have seen strong growth thanks to a considerable boost from crude palm oil (CPO) and machinery, but the mining industry has suffered a sharp annual decline.
Statistics Indonesia (BPS) head Amalia Adininggar Widyasanti revealed in a press briefing on Monday that exports from the manufacturing sector grew to US$17.6 billion in February from $13.62 billion a year prior.
That represents a growth rate of 29.5 percent year-on-year (yoy) and a 3.1 percent increase month-to-month (mtm) from $17.1 billion in January.
Palm oil products, machinery and jewelry were “the commodities that pushed up the exports from the manufacturing sector”, Amalia explained, with yoy growth rates of 84.1 percent, 92 percent and 113 percent, respectively.
Representing 11 percent of February’s export value pie, shipments of CPO and its derivatives amounted to $2.27 billion, almost doubling from the $1.2 billion registered in the same month of last year, and 58 percent higher than the $1.44 billion logged in January.
January’s CPO price of $1,134 per tonne was slightly higher than last month’s $1,101, but the archipelago shipped out almost twice as much, according to the statistics agency.
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The commodity’s price has been on an upward trend since November due in part to supply constraints as a result of lower output from Malaysia brought about by flooding that caused waterlogging and harvesting delays.