Indonesia’s trade surplus expanded in December, fueled by strong exports and a rise in nonoil shipments. According to the statistics agency, the Southeast Asian nation recorded a trade surplus of $3.31 billion for the month, up from November’s surplus of $2.41 billion.
Surpluses with Key Partners
Indonesia enjoyed trade surpluses with major trading partners, including India, the U.S., and the Philippines.
Export Growth
In December, Indonesia’s exports increased by 1.89% compared to the previous month, reaching $22.41 billion. This growth was driven by higher nonoil exports, particularly in the mineral fuel sector. However, exports were still 5.76% lower compared to the same period last year.
For the year 2023, Indonesia’s total exports declined by 11.33%, amounting to $258.82 billion. The drop was primarily attributed to a 9.26% decrease in the export value of the processing manufacturing industry.
Import Decline
December imports decreased by 2.45% from the previous month, reaching $19.11 billion. Nonoil shipments fell by 2.26% due to a decline in electrical machinery imports. Overall, imports dipped by 3.81% compared to the same period last year.
In 2023, Indonesia’s total imports decreased by 6.55%, totaling $221.89 billion. Raw-material imports experienced a significant drop of 11.09%.
Leave a Reply