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BPS reports 33.46% drop in 2023 trade surplus

Jakarta Globe - January 15, 2024

Arnoldus Kristianus, Jakarta – The Central Statistics Agency (BPS) reported a trade surplus of $36.94 billion (Rp 574.2 trillion) in 2023, or 33.46 percent lower compared to the same period in 2022 when the surplus reached $54.46 billion.

"For the past four consecutive years, Indonesia's trade balance has consistently shown a surplus. The highest surplus occurred in 2022, totaling $54.46 billion," said Deputy of Distribution and Services Statistics at BPS, Pudji Ismartini, in a press conference on Monday.

Indonesia's total export value for January- December 2023 reached $258.82 billion, indicating an 11.33 percent decline compared to the same period in 2022. Non-oil and gas exports amounted to $242.9 billion, reflecting an 11.96 percent decrease. Meanwhile, the import value for Indonesia during January-December 2023 reached $221.89 billion, representing a 6.55 percent decrease compared to the same period in 2022.

Throughout 2023, Indonesia had trade surpluses with 177 countries and deficits with 69 out of a total of 246 trading partners. The largest trade surplus for Indonesia in 2023 was with India ($14.51 billion), while the largest trade deficit was with Australia ($5.75 billion).

In December 2023, the trade balance experienced a surplus of $3.31 billion. Compared to the previous month, it increased by $0.90 billion but contracted by $0.61 billion compared to the same period the previous year.

Indonesia's export value for December 2023 reached $22.41 billion, up by 1.89 percent compared to November 2023. However, compared to December 2022, export value decreased by 5.76 percent. Meanwhile, Indonesia's import value for December 2023 reached $19.11 billion, showing a 2.45 percent decrease compared to November 2023 and a 3.81 percent decrease compared to December 2022.

"Indonesia's trade balance has recorded a surplus for 44 consecutive months since May 2020, increasing from the previous month but lower than the same period in 2022," said Pudji.

She said that the trade surplus in December 2023 was mainly supported by non-oil and gas commodities, amounting to $5.20 billion. The contributing commodities to the non-oil and gas trade surplus were mineral fuels, animal/vegetable fats and oils, as well as iron and steel.

"At the same time, the trade balance of oil and gas commodities experienced a deficit of $1.89 billion, with oil and crude oil being the main contributors to the deficit," said Pudji.

The three countries with the largest surplus-contributing commodities in December 2023 were India ($1.43 billion), the United States ($1.32 billion), and the Philippines ($720 million).

"The surplus with India of $1.43 billion was driven by commodities such as mineral fuels, animal/vegetable fats and oils, iron, and steel," said Pudji.

Meanwhile, the three countries with the largest deficits in December 2023 were Australia ($567.5 million), Brazil ($498.2 million), and Thailand ($405.6 million). "The deepest deficit with Australia was driven by commodities such as mineral fuels, metal ores, slag, and ash, as well as precious metals and jewelry," said Pudji.

Source: https://jakartaglobe.id/business/bps-reports-3346-drop-in-2023-trade-surplu