ANALISIS PENDAPATAN EKSPOR DENGAN METODE LETTER OF CREDIT (L/C) DAN METODE FORWARD HEDGE (Studi Kasus Sektor Tambang Pada Bank BNI Wilayah Sulawesi Selatan tahun 2020-2022)

ABSTRACT
Analysis of Export Income Using the Letter of Credit (L/C) Method and the Forward Hedge Method (Case Study of the Mining Sector in Bank BNI
South Sulawesi Region 2020-2022)

Perta Hariyanto
Cepi Pahlevi
Fauzi R. Rahim

This study aims to analyze export earnings using the Letter of Credit (L/C) and Forward Hedge methods, as well as to analyze differences in export earnings using the Letter of Credit (L/C) and Forward Hedge Methods in order to minimize the risk of losses due to fluctuations in foreign exchange rates. in the mining business sector of Bank BNI South Sulawesi Region in 2020-2022. To achieve these objectives, the data collection techniques through observation, interviews and documentation. The data analysis technique uses the export income differential test between the letter of credit method and the forward hedge method in order to minimize the risk of loss due to fluctuations in foreign exchange rates. The results of the research conducted show that export earnings using the letter of credit payment method (without hedge) and the forward hedge method for the mining business sector at BNI (Persero) in the South Sulawesi region indicate that the forward hedge method is better than companies that do not use hedging techniques. because there is an advantage from the difference in exchange rates. Comparison of export income between the letter of credit payment method (without hedge) and the forward hedge method applied by mining companies at BNI (Persero) in the South Sulawesi Region, there is an exchange gain of Rp. 12,040,273,019 for 2020, in 2021 Rp. 9,645,569,556 and in 2022 it is Rp. 23,344,275,037. So these findings indicate that the use of the forward hedge method can minimize the level of losses due to fluctuations in foreign exchange rates. From the results of the different test using the independent sample t test which indicates that there is a significant difference in export income between the letter of credit (without hedge) payment method and the forward hedge method, where from the findings that the spot exchange rate that occurs when carrying out export transactions is at BNI's mining business sector in the South Sulawesi region for the last 3 years there has been a significant difference from the forward rate. Where the use of the forward hedge method while carrying out export transactions produces positive results, which means that foreign exchange forward contracts are carried out with a forward contract premium.

Keywords: Letter of credit, forward hedge and foreign exchange rates