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Surabaya, June 10, 2024 – The rapid economic growth and export value of East Java place the province in a strategic position for the national economy. East Java contributes 14.46% to Indonesia's GDP and 25.07% to the Gross Regional Domestic Product (GRDP) of Java Island.
The Central Statistics Agency (BPS) recorded convincing economic growth for East Java of 4.81% (YoY) in Q1-2024. The export value of East Java in March 2024 increased by 39.10% compared to February 2024, with a total value reaching USD 2.51 billion.
The strategic value of East Java prompted the Indonesian Export Financing Agency (LPEI) to organize a meeting of East Java exporters at the "LPEI Export Forum 2024" in Surabaya on Tuesday (5/6). The forum, themed “Exploring Export Markets for East Java's Leading Products,” was organized by LPEI in collaboration with the DJPPR of the Ministry of Finance, East Java Customs, and the East Java Provincial Trade and Industry Office.
“East Java currently has more than 2,500 exporters marketing their products to 200 countries, including the United States, Japan, Switzerland, Singapore, and China. This contribution is certainly the result of solid collaboration between ministries, institutions, business actors, and all elements of East Java's export ecosystem,” said LPEI Chief of Region, Anton Herdianto.
The LPEI Export Forum discussed various export-related issues, focusing on the development and prospects of East Java's exports in the future, as well as government programs and LPEI products to support exporters, including Special Export Assignment (PKE) programs such as PKE Trade Finance, PKE Regional, and PKE Pharmaceuticals and Medical Devices.
Head of the East Java Trade and Industry Office, Dr. Iwan, S.Hut., MM, explained that East Java has tremendous potential in various sectors, especially agriculture, plantations, and fisheries. So far, East Java's main export markets are China, the United States, and Japan, but there are still many export opportunities in other countries. Therefore, joint synergy between the government, business actors, and other strategic export partners is needed to make East Java a center for leading export commodities worldwide.
“Export growth is key to driving the economy. East Java is the second-largest exporting province in Indonesia after West Java. Leading commodity exports help business actors grow, increase regional income, generate foreign exchange for the country, and strengthen East Java's position as one of the pillars of the national economy,” added Iwan.
Responding to this, Anton Herdianto stated, “LPEI is here to provide support to exporters in the form of financing, guarantees, insurance, and consulting services. Our efforts are to proactively provide the right solutions and meet the expectations of exporters.”
In this forum, participants were equipped with various education and information regarding facilities and support from LPEI and the East Java Provincial Government. This includes training programs and capacity building, trends and opportunities for market access expansion, and access to financing facilities to help exporters increase their business capacity.
LPEI Market Intelligence & Leads Management Chief Specialist, Rini Satriani, provided insights that East Java's export growth is expected to remain stable until 2025. The weakening of exports to traditional countries such as the United States, Japan, and China is compensated by the increase in exports to Southeast Asia and the Middle East.
“Several countries with good economic trends need export products from East Java that they previously bought from other countries. Increasing market access is key, and business matching can be one of the solutions to increase export transactions from East Java,” explained Rini.
A total of 18 companies from various sectors, such as the wood processing industry, fish processing industry, food industry, coconut oil processing, and coffee industry, attended the event as invited guests. The forum format provided added value for exporters through presentations, followed by 1-on-1 sessions between exporters and LPEI to explore various cooperation opportunities.
Media Liason:
Chesna F. Anwar
Corporate Secretary – Indonesia Eximbank
Ph.: (021) 39503600
Email: corpsec@indonesiaeximbank.go.id
Web: http://www.indonesiaeximbank.go.id
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