Jakarta: Deputy Governor of Bank Indonesia (BI) Juda Agung stated that Indonesian migrant workers (PMI) contribute foreign exchange worth US$14.22 billion per year.
“Hence, Indonesian migrant workers contribute US$14.22 billion every year, so foreign exchange reserves or foreign exchange from them are number two after oil and gas,” Agung remarked at the signing of a memorandum of understanding (MoU) at the BI Head Office here on Friday.
BI and the Indonesian Migrant Workers Protection Agency (BP2MI) established cooperation through the signing of a MoU on Cooperation and Coordination in the Framework of Economic and Financial Empowerment and Statistics of Indonesian Migrant Workers.
Agung noted that Indonesian migrant workers are the second-largest contributor to the country’s foreign exchange after the oil and gas sector.
“Hence, their contribution is very significant in our economy, not only for the education and health of their families but also their contribution to our GDP, economic growth, and foreign exchange reserves, and US$14.22 billion is quite large,” he highlighted.
Current foreign exchange reserves at BI are recorded at around US$138 billion, so the foreign exchange achievement from PMI reaches more than 10 percent of the total foreign exchange reserves at BI.
Indonesian migrant workers totaled 273,747 during the placement period from January to December 2023, based on data from the Indonesian Migrant Workers Protection Agency.
Meanwhile, Indonesia’s exports in April 2024 were recorded at US$19.62 billion, up 1.72 percent from the previous year, driven by an increase in oil and gas exports in line with rising global energy prices.
Moreover, non-oil and gas exports in April 2024 were recorded at US$18.27 billion, with the largest share coming from mineral fuel exports at 16.83 percent of the total non-oil and gas exports.
Cumulatively, Indonesia’s export value during the January-April 2024 period was recorded at US$81.92 billion, with the largest share coming from exports to China, at 23 percent, followed by the United States, at 10.48 percent, and India, 9.01 percent.
During the same time period, Indonesia’s exports to the ASEAN region contributed 17.74 percent.
