Trade Balance Remains in Surplus: How Did Export and Import Performance Fare in December 2021?

The Central Statistics Agency (BPS) reported that Indonesia's exports reached US$22.38 billion in December 2021. This figure decreased by 2.04% compared to November 2021, which amounted to US$22.84 billion (m-to-m). Meanwhile, compared to December 2020, Indonesia's export value increased by 35.30% (y-o-y).

The decrease in exports in December 2021 compared to November 2021 was due to a 1.06% decrease in non-oil and gas exports, from US$21.51 billion to US$21.28 billion. Similarly, oil and gas exports fell by 17.93%, from US$1.33 billion to US$1.09 billion.

Annually, non-oil and gas exports increased by 37.13% from US$15.52 billion. Similarly, oil and gas exports experienced a year-on-year increase of 7.33% from US$1.01 billion.

Cumulatively, Indonesia's export value for the January-December 2021 period reached US$231.54 billion. This value increased by 41.88% compared to the same period in the previous year, which reached US$163.19 billion.

Meanwhile, Indonesia's import value was US$21.35 billion in December 2021. This value increased by 10.51% compared to November 2021, which was US$19.32 billion.

This month-on-month increase in import value was driven by a 10.29% growth in non-oil and gas imports from US$16.30 billion. Oil and gas imports also increased by 11.66% month-on-month from US$3.02 billion.

Annually, non-oil and gas imports increased by 38.59% from US$12.95 billion. Oil and gas imports increased by 127.95% year-on-year from US$1.48 billion.

Cumulatively, Indonesia's import value for the January-December 2021 period reached US$196.19 billion. This value increased by 38.59% compared to the same period in the previous year, which amounted to US$141.56 billion.

Indonesia's export value was higher than its imports, resulting in a trade surplus of US$1.02 billion in December 2021. This surplus increased from the previous month's US$3.52 billion.