Indonesia's Export Value Falls in November 2023

Indonesia's export value reached US$21.99 billion in November 2023, according to a report by the Central Statistics Agency (BPS).

This figure represents a 0.67% month-to-month (mtm) decrease compared to October 2023's US$22.14 billion. The November 2023 achievement also plummeted 8.56% year-on-year (yoy) from November 2022's US$24 billion.

Non-oil and gas exports amounted to US$20.71 billion in November 2023. This represents a slight 0.29% (mom) decrease compared to October 2023's US$20.77 billion. The November 2023 value also fell 9.76% (yoy) from November 2022's US$22.95 billion.

BPS explained that the largest decrease in non-oil and gas exports in November 2023 compared to October 2023 occurred in iron and steel commodities, amounting to US$167.1 million (-6.82%). The largest increase was in animal and vegetable fats and oils, amounting to US$159.7 million (6.56%).

Oil and gas exports, the other component, decreased by 6.38% (mtm), falling from US$1.37 billion in October 2023 to US$1.28 billion in November 2023. Positively, oil and gas exports in November 2023 surged 16.43% (yoy) from November 2022's US$1.10 billion.

The decrease in oil and gas exports was due to a 29.95% plunge in refined oil exports to US$341.8 million in November 2023. However, crude oil exports increased by 7.15% to US$192.6 million, and gas exports increased by 6.52% to US$748.5 million.

Cumulatively, Indonesia's export value from January to November 2023 reached US$236.41 billion, a decrease of 11.83% (cumulative-to-cumulative/ctc) compared to the 2022 period, which totaled US$268.12 billion.

Meanwhile, cumulative non-oil and gas exports from January to November 2023 reached US$221.96 billion, down 12.47% (ctc). Cumulative oil and gas exports amounted to US$14.44 billion, down a slight 0.67% (ctc).

Based on destination country, the largest non-oil and gas exports in November 2023 were to China (US$5.41 billion), followed by India (US$2.01 billion), and the United States (US$1.94 billion). These three countries contributed 45.16% of total exports.

Exports to ASEAN and the European Union (27 countries) amounted to US$3.78 billion and US$1.29 billion, respectively.

Based on the province of origin, the largest Indonesian exports from January to November 2023 originated from West Java with a value of US$33.76 billion (14.28% of total exports), followed by East Kalimantan with US$25.78 billion (10.91%), and East Java with US$20.33 billion (8.60%).