Indonesia's Export and Import Performance Relatively Strengthened in March 2023

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Adi Ahdiat 17/04/2023 12:38 WIB

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Indonesia's export and import performance in March 2023 strengthened compared to the previous month. However, the value remained lower than in March of the previous year.

Indonesia's Monthly Export and Import Values (January 2020–March 2023)

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Indonesia's Export and Import Performance Relatively Strengthened in March 2023

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Indonesia's Monthly Export and Import Values (January 2020–March 2023)

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According to a report by Indonesia's Central Statistics Agency (BPS), the total value of Indonesian exports in March 2023 reached USD 23.5 billion.

This figure represents a 9.89% increase compared to February 2023 (month-on-month/mom). However, it is still 11.3% lower than March of the previous year (year-on-year/yoy).

Similarly, Indonesia's imports increased by 29.3% month-on-month (mom) to USD 20.6 billion, but decreased by 6.26% year-on-year (yoy).

Cumulatively, Indonesia's export value in Q1 2023 reached USD 67.2 billion, a 1.6% increase compared to Q1 of the previous year.

Meanwhile, the import value in Q1 2023 reached USD 54.95 billion, down 3.28% compared to Q1 of the previous year.

With exports exceeding imports, Indonesia recorded a trade surplus of USD 12.25 billion in Q1 2023, a 31% increase compared to the surplus in Q1 2022.

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

In its April 2023 edition of the *East Asia and the Pacific Economic Update*, the World Bank projects that Indonesia's economic growth will 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.

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 Export and Import Performance Relatively Strengthened in March 2023

Indonesia's Export and Import Performance Relatively Strengthened in March 2023

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Indonesia's Export and Import Performance Relatively Strengthened in March 2023

Indonesia's Export and Import Performance Relatively Strengthened in March 2023

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