The rapid growth of manufactured exports in Indonesia
Date
1989
Authors
Noerdin, Adiati
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Abstract
Before the oil price increase in 1973, Indonesia n
exports were mainly based on primary products such as tree
crops and natural resources, which accounted for more than
fifty percent of Indonesia's export revenue (World Bank,1986). However, after the first leap in world oil prices in
1973, export shares altered remarkably and the export of oil
became a prominent source of Indonesia's export income.
"Between 1972 and 1981 the value of Indonesian oil exports
increased thirteen times in nominal terms and more than
three times in real terms. Government oil revenue increased
forty three times in nominal terms and ten times in real
terms. In 1981 oil export earnings accounted for 78 percent
of the total value of exports and 70 percent of the
government revenue" (Arndt and Hill, 1988: 107). Although
the rise in export income was primarily owing to price
increases, it was also, to some extent, brought about by
rising crude oil production and the export of Liquified
Natural Gas (LNG) since 1977. During this period,
Indonesia's economy depended heavily on the oil sector to
provide the foreign exchange and government revenues
required to stimulate development.
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