ASIATODAY.ID, JAKARTA – Indonesian Migrant Workers (PMI) make a big contribution to the country’s foreign exchange.
Deputy Governor of Bank Indonesia (BI) Juda Agung said that Indonesian Migrant Workers contribute US$ 14.22 billion in foreign exchange every year.
“Indonesian migrant workers annually contribute US$ 14.22 billion in foreign exchange to the country. Foreign exchange originating from PMI is the second largest after oil and gas,” said Juda at the signing of a memorandum of understanding between BI and the Indonesian Migrant Worker Protection Agency (BP2MI). at BI Head Office, Jakarta, Friday, May 31 2024.
“So PMI’s contribution is very significant in the country’s economy, not only to their families, family education or the health of the families they leave behind, which in the end is of course to gross domestic product, economic growth but also to our foreign exchange reserves,” he said.
Bank Indonesia noted that current foreign exchange reserves are around US$138 billion, so that PMI’s foreign exchange reserves reach more than 10 percent of the total foreign exchange reserves at BI.
The total number of Indonesian Migrant Workers reached 273,747 people, placed in the period January to December 2023, based on data from the Indonesian Migrant Worker Protection Agency.
It is known that Indonesia’s exports in April 2024 were recorded at US$19.62 billion, an increase of 1.72 percent (year-on-year/yoy), driven by an increase in oil and gas exports in line with rising global energy prices.
On the other hand, non-oil and gas sector exports in April 2024 were recorded at US$18.27 billion, with the largest share coming from mineral fuel exports (16.83 percent of total non-oil and gas exports).
Cumulatively, Indonesia’s export value from January to April 2024 was recorded at US$81.92 billion, with the largest share coming from exports to China (23 percent of total exports), followed by the United States (10.48 percent) and India (9.01 percent). percent). Indonesia’s exports to the ASEAN region in the same period contributed 17.74 percent. (ATN)
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