Indonesia's Exports to Russia Decline, but Imports Increase in March 2022

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Dzulfiqar Fathur Rahman 19/04/2022 13:30 WIB

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Indonesia's exports to Russia plummeted by 48.66%, while imports of goods from that country surged by 140% in March 2022.

Indonesia-Russia Trade Annual Growth Rate (January-March 2022)

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Indonesia's Exports to Russia Decline, but Imports Increase in March 2022

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Indonesia-Russia Trade Annual Growth Rate (January-March 2022)

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Indonesia recorded a decrease in exports of goods to Russia in March 2022, immediately after the Russia-Ukraine war erupted at the end of the previous month.

Indonesia's Central Statistics Agency (BPS) reported that the value of Indonesian goods exported to Russia in March 2022 amounted to US$67.5 million, down 48.66% year-on-year (yoy).

This export contraction occurred amidst soaring prices of several commodities, such as palm oil and coal. However, Russia is not a major market for Indonesian export commodities.

Indonesia's largest exports to Russia in March 2022 included animal or vegetable fats and oils, rubber and rubber products, and electrical machinery or equipment.

Meanwhile, the value of goods imported by Indonesia from Russia increased by almost 140% (yoy) to US$257 million in March 2022. The main products imported from Russia were iron and steel, fertilizers, and mineral fuels.

Thus, Indonesia recorded a trade deficit in goods with Russia of US$189.5 million in March 2022.

Cumulatively, during the January-March 2022 period, Indonesia's trade with Russia experienced a deficit of US$204.6 million. In the same period of 2021, Indonesia recorded a surplus of US$42.2 million.

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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Indonesia's Exports to Russia Decline, but Imports Increase in March 2022

Indonesia's Exports to Russia Decline, but Imports Increase in March 2022

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