Indonesia's Exports and Imports Strengthened from the Pandemic to the End of 2022

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Adi Ahdiat 16/01/2023 13:20 WIB

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Despite monthly fluctuations, Indonesia's export and import values generally strengthened from the beginning of the pandemic to the end of 2022.

Indonesia's Monthly Export and Import Values (January 2020-December 2022)

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Indonesia's Exports and Imports Strengthened from the Pandemic to the End of 2022

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Indonesia's Monthly Export and Import Values (January 2020-December 2022)

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Despite monthly fluctuations, Indonesia's export and import values have generally strengthened from the start of the pandemic until the end of 2022, as shown in the graph.

According to the Central Statistics Agency (BPS) report, in December 2022, Indonesia's export value reached US$23.83 billion.

This achievement was down 2.73% (month-on-month/mom) compared to November 2022. However, compared to December 2021, it increased by 6.58% (year-on-year/yoy).

Meanwhile, the import value in December 2022 reached US$19.94 billion, increasing by 5.16% compared to the previous month (mom), but decreasing by 5.23% (yoy) compared to December 2021.

Cumulatively, Indonesia's export value from January to December 2022 reached US$291.98 billion, an increase of 26.07% compared to 2021 and 78.92% higher than 2020.

Then, the import value throughout 2022 reached US$237.52 billion, up 21.07% compared to 2021, and grew by 67.78% compared to 2020.

With export values higher than imports, throughout 2022 Indonesia recorded a trade surplus of US$54.46 billion. This surplus also increased by approximately 53% compared to 2021, and grew by 152% compared to 2020.

However, although Indonesia's foreign trade shows a strengthening trend since the beginning of the pandemic, the World Bank predicts that its performance will weaken this year due to declining export demand.

In its Indonesia Economic Prospects (IEP) report, December 2022 edition, the World Bank projects that Indonesia's economic growth will weaken from 5.2% in 2022 to 4.8% in 2023.

"Weakening global demand could harm Indonesia's export performance and reduce foreign investment flows. Global monetary tightening could also trigger larger capital outflows and rupiah depreciation, which then triggers inflation," said the World Bank in the report.

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 and Imports Strengthened from the Pandemic to the End of 2022

Indonesia's Exports and Imports Strengthened from the Pandemic to the End of 2022

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