US Exports Decline in Q1 2023, While the Chinese Market Strengthens

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Adi Ahdiat 17/04/2023 15:00 WIB

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According to BPS reports, Indonesia's exports to the US declined during the first quarter of 2023, while exports to China experienced significant growth.

Percentage Increase/Decrease in the Value of Indonesian Non-Oil and Gas Exports by Main Destination Country (Quarter I 2023*)

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US Exports Decline in Q1 2023, While the Chinese Market Strengthens

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Percentage Increase/Decrease in the Value of Indonesian Non-Oil and Gas Exports by Main Destination Country (Quarter I 2023*)

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According to a report by the Central Bureau of Statistics (BPS), Indonesia's non-oil and gas exports to the United States (US) reached USD 5.83 billion in the first quarter of 2023, a 25.19% decrease compared to the first quarter of 2022.

During the same period, Indonesia's non-oil and gas exports to China reached USD 15.95 billion, a surge of 25.41% compared to the first quarter of the previous year.

In the first quarter of 2023, Indonesian exports to Japan, Singapore, India, and Taiwan also increased. Meanwhile, export values to Thailand, Australia, the European Union, South Korea, and Malaysia decreased, with percentages as shown in the graph.

Despite weakening demand from several major trading partners, in the first quarter of 2023, Indonesia achieved total export value of USD 67.2 billion, up 1.6% compared to the first quarter of the previous year.

Total 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.

As a result, throughout the first quarter of 2023, Indonesia recorded a trade surplus of USD 12.25 billion, an increase of 31% compared to the surplus in the first quarter of 2022.

Although Indonesia's trade balance remained strong 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 report, the World Bank projects Indonesia's economic growth to decline from 5.3% in 2022 to 4.9% in 2023.

A similar forecast comes from the International Monetary Fund (IMF). In its April 2023 edition of the World Economic Outlook (WEO) report, the IMF projects Indonesia's economic growth to 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."

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US Exports Decline in Q1 2023, While the Chinese Market Strengthens

US Exports Decline in Q1 2023, While the Chinese Market Strengthens

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