Wednesday, 17 July 2019 | 18:34 WIB

Palm Oil Remains Indonesia’s Top 1 Foreign Exchange Contributor

Palm oil

JAKARTA, NETRALNEWS.COM - One of the pillars of economy that is relied upon by a country is foreign exchange. A country's wealth in the form of foreign exchange (usually in dollars) can be used for international transactions.

The higher the foreign exchange reserves a country has, the more powerful its economic power.

Citing Management Strategy page, there are 10 industries that become the top 10 foreign exchange contributors to Indonesia.

The most important source of foreign exchange is from the export of various products to foreign countries, foreign currency from our labor force abroad, as well as foreign tourist spending their money when traveling to Indonesia.

Here are the top 10 largest foreign exchange contributors in Indonesia based on the latest data extracted from Indonesia Statistics and the Ministry of Industry (Kemenperin).

1. Foreign Exchange Export of Palm Oil - IDR239 trillion

2. Foreign Tourists - IDR190 trillion

3. Textile Export - IDR159 trillion

4. Oil and Gas Exports - IDR170 trillion

5. Coal Exports - IDR150 trillion

6. TKI services - IDR140 trillion

7. Electronic Export - IDR80 trillion

8. Export of Wood Forest Products - IDR70 trillion

9. Rubber Exports - IDR65 trillion

10. Shoes and Sandals Exports- IDR60 trillion

Palm Oil (ranked number one) and rubber (number nine) are two renewable products that Indonesia must maintained as Indonesia is the world's largest producer of palm oil, and the second largest producer of rubber in the world.