Indonesia 2023 trade surplus narrows to US$37 billion

INDONESIA’S trade surplus shrank by almost a third in 2023 from a year earlier, as exports and imports dropped along with falling commodity prices and weakening global trade, data from the country’s statistics bureau showed on Monday (Jan 15).

The 2023 trade surplus fell to US$36.9 billion from US$54.46 in 2022, which was a record high fuelled by the global commodity boom.

Prices of Indonesia’s main commodities, including coal, palm oil and nickel, fell sharply last year. Some economists predict a further drop this year, though at a slower rate than in 2023.

Exports pulled back to US$258.8 billion in 2023 from US$291.9 billion in 2022, which was also a record high.

Imports reached US$221.9 billion last year, down from US$237.5 billion a year before.

The trade surplus in December, however, beat expectations at US$3.3 billion, with exports higher than expected and imports declining. Economists polled by Reuters had expected a US$1.9 billion surplus for the month.

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December’s shipments fell 5.76 per cent from a year earlier to US$22.4 billion, less than a decline of 8.1 per cent forecast in the poll.

Imports dropped 3.81 per cent on a yearly basis to US$19.1 billion, compared with a 0.4 per cent increase forecast in the poll. REUTERS