Palm Oil Contributes to the Country’s Economy in 2022

The Central Bureau of Statistics (BPS) records palm oil exports in 2022 reaching USD 27.77 billion. This figure increased from the previous year, which was USD 26.76 billion. BPS also noted that Indonesia’s trade balance experienced a surplus of 53.96 percent throughout 2022.

According to wartaekonomi.com, This trade surplus was supported by rising prices for leading export commodities, such as coal and palm oil. These two commodities provide a windfall or additional income to the domestic economy.

“As we all know, there are three leading export commodities that have experienced an increase in value. They are coal, steel and palm oil,” he said in a press conference (06/02/2023).

BPS noted that Indonesia’s economic growth reached 5.31 percent throughout 2022. This figure was the largest since 2013.

“In 2022, Indonesia’s economic growth will grow 5.31 percent. The largest from the processing industry, which is 1.01 percent. Followed by transportation and warehousing 0.73 percent, then trade 0.72 percent and information and communication 0.48 percent. That include other sub-sectors 2 .37 percent,” he said.

In addition, coal exports throughout 2022 were recorded at USD 46.74 billion, an increase from the previous year which was USD 26.53 billion. Meanwhile, iron and steel exports in the same period were recorded at USD 27.82 billion, compared to the previous year’s USD 20.93 billion.