IMF Projects Global Trade Volume to Grow 8.3%, Indonesia Eyeing Export Growth by 6.3%

In line with the prediction of positive growth of global economy and trade, Indonesia is eyeing for a positive growth in export this year, Minister of Trade Muhammad Lutfi has said.

Indonesia targets exports to increase by 6.3% in 2021. Earlier, the International Monetary Fund (IMF) has just projected that the global trade volume will grow by 8.1% this year. This positive trade volume will be in line with the global economy growth, in which IMF projected to grow by 5.5%, though it will be very various among the countries. India, according to IMF, will lead the growth by double digit 11.5%, while the leading Asean countries of Indonesia, Malaysia, Philippines, Thailand, and Vietnam are projected to grow by 5.2%.

“Indonesia is also forecast to record growth. If you look at the international growth rate, Indonesia’s growth is 4.4 to 6.1 percent. Non-oil and gas exports will grow by 6.3 percent,” Lutfi said as quoted by Antara.

Lutfi highlighted several factors that can affect the realization of the target to boost exports this year, including the success of the vaccination program, not only being conducted in Indonesia but also in its largest trading partner country.

The other determining factor is the acceleration of the Job Creation Law passed recently.

“We feel certain of growing by 6.3 percent, and of course, these are the parts we want to grow in future,” the trade minister stated.

Lutfi highlighted his target to boost the exports of several national superior products in future, including automotive commodities that will be exported to the People’s Republic of China (RRT), Brazil, and Myanmar.

Furthermore, metal commodities and products are intended for Turkey, China, the United Arab Emirates, and the Philippines. Rubber commodities and products would be exported to China, Australia, and Vietnam.

“Finally, for electronics, we want to open our electronic market, especially for the US, Australia, and China,” he stated.

Meanwhile, the Ministry of Trade has projected that Indonesia’s non-oil and gas exports will grow in several major trading partner countries, such as the People’s Republic of China, which is forecast to grow by 7.87 percent. Furthermore, exports to the United States is targeted to clock a 3.87-percent growth.

Exports to Japan are targeted to grow at least three percent, while an 8.67-percent growth in pegged to India, whereas a growth of 3.84 percent is forecast for Singapore. Meanwhile, Malaysia, the Philippines, South Korea, Thailand, and Vietnam are expected to record good growth. 

Leave a Reply

Your email address will not be published. Required fields are marked *