Ministry Confident Exports Proceeds Can Raise Forex Reserves by US$60bn per Annum

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Losergeek.org.CO, Jakarta –┬áThe Coordinating Ministry for Economic Affairs’ secretary, Susiwijono Moegiarso, is optimistic that export proceeds or DHE will be able to increase foreign exchange (forex) reserves by up to US$60 billion per year. This potential is based on the export value pattern of Natural Resources (SDA), especially those that are included in the mandatory DHE sector according to Government Regulation (PP) No.36 of 2023.

“For this year, we are still calculating using the same pattern, even though export growth has slowed down, around US$60 billion has been retained,” he said in a press conference at the Coordinating Ministry for Economic Affairs Office in Jakarta, Monday, August 14.

Sectors that generate exports proceeds include mining, plantations, forestry and fisheries. The total export value reached US$203 billion out of 2022’s total export value of US$292 billion.

The ministry, Susiwijono said, is optimistic about achieving that potential, based on last year’s export performance, which has improved compared to the US$170 billion-US$180 billion generated during the pandemic. “Nowadays, the average is more than US$270 billion to US$290 billion (per year),” he said.

Susiwijono said that the biggest contributor to export proceeds is the mining sector with about 44 percent or roughly US$129 billion, most of which is from the coal commodity that accounts for nearly 36 percent of the mining sector’s total exports.

The second biggest export proceeds contributor is the plantation sector with US$55.2 billion or around 18 percent. The top-contributing commodity is palm oil with US$27.8 billion or 50.3 percent of total plantation exports.

ANTARA

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