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Indonesia's Export Market Weakens in the First Half of 2023, Except for China

Adi Ahdiat 17/07/2023 15:00 WIB

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According to BPS data, in the first semester of 2023, Indonesian non-oil and gas exports to major markets declined, except to China.

Percentage Increase/Decrease in the Value of Indonesian Non-Oil and Gas Exports to Major Market Countries (Semester I 2023*)

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Indonesia's Export Market Weakens in the First Half of 2023, Except for China

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Percentage Increase/Decrease in the Value of Indonesian Non-Oil and Gas Exports to Major Market Countries (Semester I 2023*)

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Based on data from the Central Statistics Agency (BPS), Indonesia's non-oil and gas export performance weakened in the first half of this year.

During the January-June 2023 period, the total value of national non-oil and gas exports reached USD 120.8 billion, down 9.3% compared to the January-June period last year.

Of the 13 main non-oil and gas export markets, China was the only country that contributed to increased demand.

In January-June 2023, the value of Indonesian non-oil and gas exports to China reached USD 29.9 billion, an increase of 7.4% compared to the same period last year.

Meanwhile, the value of exports to other major destination countries decreased. The sharpest contraction in demand came from the Netherlands, South Korea, and Malaysia.

Throughout January-June 2023, the value of Indonesian non-oil and gas exports to the Netherlands reached USD 1.8 billion, a decrease of 33.9% compared to the same period last year.

Then, the value of non-oil and gas exports to South Korea fell by 24.7% to USD 4.2 billion, and exports to Malaysia fell by 23.8% to USD 5.3 billion.

Non-oil and gas export values to the United States, India, Thailand, and Singapore also weakened, with percentage details as shown in the graph.

Regarding this condition, the Government and the House of Representatives (DPR) have revised the assumptions for Indonesia's economic growth in 2024.

"The economic growth assumption, which was initially estimated at 5.3%-5.7%, has been adjusted to 5.1%-5.7% to be more realistic, in line with recent developments and external challenges and risks," said the Ministry of Finance team in its press release (8/6/2023).

The lower bound of the growth assumption was cut for several reasons related to the global economy.

"Domestically, several Indonesian economic indicators continue to give expansionary signals. Consumption activity continues to show a strengthening trend. However, the impact of global dynamics on the domestic economy needs to be watched out for, especially regarding the declining trend in export performance," said the Ministry of Finance team.

"Investment performance also has the potential to be hampered, in line with the wait-and-see attitude of business actors regarding world economic dynamics and the period leading up to the General Election," 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 Market Weakens in the First Half of 2023, Except for China

Indonesia's Export Market Weakens in the First Half of 2023, Except for China

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Indonesia's Export Market Weakens in the First Half of 2023, Except for China

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