Jakarta, CNBC Indonesia – Singapore has declared his country has experienced economic recession. However, the Central Statistics Agency (BPS) noted that Singapore as one of the countries with the most imports of necessities from Indonesia.
From BPS data, it is noted that the value of Indonesia’s exports to Singapore reached US $ 717 million in July 2020, an increase of 18.35% when compared to the export value in June 2020 which reached US $ 605.8 million.
Looking further from the total export value to Singapore, the country of the White Lions has recorded the highest number of imports of gold from Indonesia.
The export value of precious metals, jewelry / gems from Indonesia to Singapore in July 2020 was recorded at US $ 299.1 million. The export value increased by 42.67% when compared to the export value in June 2020 which reached US $ 209.7 million.
Other biggest goods imported by Singapore from Indonesia are electric machines and equipment, which reached US $ 126.7 million. The export value increased by 3.91% when compared to the export value in June 2020 which reached US $ 122 million.
In July 2020, Singapore also imported tin and its derivatives from Indonesia worth US $ 31.3 million, an increase of 277.3% when compared to the export value in June 2020 which only reached US $ 8.3 million.
“Even though Singapore is now in recession, it turns out that our exports there in July increased by US $ 111.2 million compared to June 2020,” said Head of BPS Suhariyanto, Tuesday (18/8/2020).
“What we export to Singapore in July 2020 are precious metals, jewelery / gems, tin and goods from tin. Then machines and electrical equipment,” Suhariyanto continued.
To note, Singapore’s economy contracted 42.9% in the second quarter of 2020 compared to the previous quarter. On an annual basis (YoY), the economy shrank by 13.2% in the quarter ended June 30.
Singapore revised its economic growth forecast for 2020 to a contraction of between 5% and 7%. In the previous May, Singapore’s GDP was expected to shrink between 4% -7% this year.
(Cha Cha dance)
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