Indonesia's manufacturing value added reaches 281 billion USD
Indonesia reported increase in manufacturing value added (MVA) at 281 billion USD. With this achievement, Indonesia was able to shift its economy to a manufacturing economy.
Jakarta (VNA) – Indonesia reported increase in manufacturing value added (MVA) at 281 billion USD. With this achievement, Indonesia was able to shift its economy to a manufacturing economy.
Industry ministry spokesman Febri Hendri Antoni Arif said on September 13 that various steps have been taken by the country to enhance added value in the industrial sector, including encouraging downstream, replacing imports and making the domestic industry part of the global supply chain.
Increased industrial value added can create exponential effects such as creating more jobs as well as increasing contributions to taxes. Moreover, Indonesia is known as a country with comparative advantage, with relatively available natural resources, as well as the potential for highly skilled human resources to increase the competitiveness domestic production.
With a larger economy, as well as more diversified types of industries, Indonesia's MVA outperforms other ASEAN countries such as Thailand and Malaysia.
In 2022, Indonesia will assume the G20 Presidency. During the G20 presidency, the priority in the industrial sector is to accelerate Industry 4.0 for inclusive and sustainable industrialisation./.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Illustrative image (Photo: Viettimes) 
