Indonesia Records 44 Consecutive Months of Trade Surplus Through December 2023

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Cindy Mutia Annur 15/01/2024 18:37 WIB

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Indonesia's Central Statistics Agency (BPS) reported a trade surplus of US$3.31 billion in December 2023. This result extends Indonesia's consecutive monthly trade surplus to 44 months.

Indonesia's Trade Balance Surplus/Deficit by Month (January 2020-December 2023)

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Indonesia's Trade Balance Surplus/Deficit by Month (January 2020-December 2023)

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The Central Statistics Agency (BPS) reported that Indonesia recorded a trade surplus of US$3.31 billion in December 2023.

"Thus, Indonesia's trade balance has recorded a surplus for 44 consecutive months since May 2020," said Pudji Ismartini, Deputy for Distribution and Service Statistics, as reported by Antara on Monday (15/1/2024).

Pudji stated that this surplus increased compared to the previous month but was lower than the same month in 2022, which amounted to US$3.92 billion.

According to Pudji, the December 2023 surplus was supported by a non-oil and gas commodity surplus of US$5.2 billion, with the main commodities being mineral fuels, animal/vegetable fats and oils, and iron and steel.

Pudji continued, at the same time, the trade balance for oil and gas commodities recorded a deficit of US$1.89 billion, with the main contributing commodities being oil products and crude oil.

"The oil and gas deficit in December 2023 was lower than the previous month but higher than the same month last year," said Pudji.

Cumulatively, throughout January-December 2023, Indonesia's total trade surplus reached US$36.93 billion, lower by approximately US$17.52 billion or 32.18% compared to the same period the previous year.

Based on its trading partners, Indonesia's trade surplus in December 2023 originated mostly from India with a value of US$1.43 billion, the United States with US$1.32 billion, and the Philippines with US$720 million.

According to Pudji, over the last decade, Indonesia's goods trade balance has experienced a consecutive surplus for almost the last four years and peaked in 2022, but decreased in 2023.

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."