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Despite Slowing Economic Projections, Indonesian Exports Strengthen in Q1 2023

Adi Ahdiat 17/04/2023 13:50 WIB

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According to BPS data, Indonesia's export value in Q1 2023 increased compared to Q1 of the previous year. However, the World Bank and IMF project a slowdown in Indonesia's economic growth in 2023.

Indonesia's Trade Balance: Export, Import, and Surplus Values for Quarter I (2022-2023)

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Despite Slowing Economic Projections, Indonesian Exports Strengthen in Q1 2023

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Indonesia's Trade Balance: Export, Import, and Surplus Values for Quarter I (2022-2023)

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According to a report by the Central Bureau of Statistics (BPS), Indonesia's export value in the first quarter of 2023 reached USD 67.2 billion, up 1.6% compared to the first quarter of last year.

Meanwhile, the import value in the first quarter of 2023 reached USD 54.95 billion, down 3.28% compared to the first quarter of the previous year.

With exports exceeding imports, Indonesia recorded a trade surplus of USD 12.25 billion in the first quarter of 2023, an increase of 31% compared to the surplus in the first quarter of 2022.

Although Indonesia's trade balance showed a strengthening trend in the first quarter of this year, the World Bank predicts that the Indonesian economy will slow down.

In its April 2023 edition of the *East Asia and the Pacific Economic Update*, the World Bank projects Indonesia's economic growth to decline from 5.3% in 2022 to 4.9% in 2023.

According to the World Bank, this year, countries in the East Asia and Pacific region, including Indonesia, will face challenges such as inflation, high interest rates, and a decline in exports.

"Domestic demand is predicted to remain a key driver of growth (in East Asia and the Pacific), but high inflation could dampen private sector consumption," said the World Bank.

"Private investment growth could also be hampered by high interest rates and uncertainty from external economic factors," it continued.

A similar forecast comes from the International Monetary Fund (IMF). In its April 2023 edition of the *World Economic Outlook* (WEO), the IMF projects that Indonesia's economic growth will slow from 5.3% in 2022 to 5% in 2023.

The IMF also assesses that the global economy this year still faces many challenges. According to the IMF, the economic turmoil that occurred in 2022 will continue throughout this year, only the intensity will differ.

"Debt levels remain high, limiting the ability of fiscal policymakers to respond to new challenges. Commodity prices, which rose sharply after the Russian invasion of Ukraine, have now moderated, but the war continues and geopolitical tensions remain high," said the IMF.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."