Indonesia's Non-Oil Export Performance During the Economic Crisis: Distinguishing Price Trends from Quantity Trends

L. Peter Rosner

Bulletin of Indonesian Economic Studies, 2000, vol. 36, issue 2, 61-95

Abstract: Despite an enormous currency depreciation, the growth rate of Indonesia's non-oil exports, measured in dollars, did not accelerate during the first two years of the Asian crisis. In fact, during the second year of the crisis non-oil export value dropped sharply. This paper demonstrates that the main reason for the decline in the dollar value of non-oil exports was a collapse of export prices. Non-oil export dollar prices fell 26% between the second quarter of 1997 and the second quarter of 1999. Measured at constant prices, non-oil exports grew 24% and manufactured exports 31% during this period. Non-oil import prices fell by roughly the same amount as non-oil export prices during the crisis, with little change in the non-oil terms of trade. The decline in the price of traded goods significantly reduced the magnitude of the real exchange rate depreciation experienced by Indonesia.

Date: 2000
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DOI: 10.1080/00074910012331338893

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