Bali, CNBC Indonesia – The government said it was starting to be aware of China’s slowing economic growth in the second quarter of 2022. Considering that China is Indonesia’s main trading partner.
As is known, China’s economic growth slowed in the second quarter of 2022, on an annual basis China’s GDP in the second quarter of 2022 only grew 0.4%, far from market consensus expectations that China’s economic growth could reach 1%.
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Photo: Febrio Kacaribu. (Doc: University of Indonesia)- – |
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China’s economic growth in the second quarter of 2022 which reached 0.4% is far below the growth in the first quarter of 2022 which reached 4.8%.
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China’s economic performance slumped after the Xi Jinping administration implemented a lockdown (lock down) to prevent the spread of Covid-19.
The pace of China’s economy in the second quarter of 2022 was the worst since the first quarter of 2020 when the Chinese economy almost stalled amid efforts to contain the coronavirus outbreak detected in Wuhan. At that time, China’s GDP fell 6.8%.
“We will continue to watch out for China’s economic growth, because China has quite close trade relations. Because exports are one of the destinations for exports to China,” explained Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance, Febrio Kacaribu to reporters when met in Bali, Saturday (16/16). /7/2022) night.
However, said Febrio, recent export performance is strongly influenced by downstream commodities, which have developed in recent years.
“So that our exports are not too dominant because they are only commodities, especially commodities downstream products such as steel, iron, and so on … downstream we continue to push,” explained Febrio.
The structure of economic growth in horror has also changed. So the government hopes that amid the current global economic uncertainty, Indonesia can mitigate shocks, as in previous crises.
“This makes us relatively safe. But this does not make us reckless, we have to be careful in monitoring risks,” Febrio continued.
As is known, the Central Statistics Agency (BPS) reported that Indonesia’s trade balance again recorded a surplus in June 2022, this is a surplus for 26 consecutive months.
Indonesia’s export value in June 2022 was recorded at US$ 26.09 billion, up 40.68% compared to last year or year on year (yoy) and up 21.3% on a monthly basis or month on month. Meanwhile, imports reached US$ 21 billion. So that the surplus occurred again with a magnitude this time of US $ 5 billion.
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