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Export-Import Positive, RI Trade Balance January 2023 Surplus Nearly IDR 4 Billion Dollars

Indonesia3000: Indonesian Business Services Provider Posted on by

Indonesia’s export-import sector is still showing quite good growth by maintaining a surplus for 33 consecutive months. In January 2023, the trade balance recorded a surplus of IDR 3.87 billion US dollars.

Import performance was reported to have grown by 1.27 percent yoy with a total of IDR 18.44 billion US dollars. Among these incomes, consumer goods contributed a positive growth of 1.09 percent yoy, then capital goods 5.66 percent yoy, and auxiliary raw materials 0.41 percent yoy.

Commodities that dominated imports during this period included machinery, electrical equipment and their parts, and other main commodities.

The United States, the Philippines and India are still the largest contributors to Indonesia’s surplus through mineral fuels, palm oil products and machinery. Head of the Fiscal Policy Agency of the Ministry of Finance of the Republic of Indonesia, Fabrio Kacaribu said, the trade balance surplus in January 2023 was a good start in strengthening the resilience of the national economy and facing global challenges.

“Consistently positive growth of all types of imports shows that domestic production activities are still expansive, in line with the PMI ( Purchasing Manager Index ) indicator which increased in January,” said Febrio, quoted from the Indonesian Ministry of Finance’s website on Friday (17/02) /2023).

Febrio explained further that the movement of exports in January 2023 reached US$22.31 billion, an increase of 16.37 percent yoy. Exports of non-oil and gas products to major trading partner countries have also shown strong growth. China, for example, exports to this country reached 25.2 percent of total non-oil and gas exports and grew by 49.4 percent yoy.

Then, non-oil and gas exports to ASEAN countries reached 18.9 percent of total non-oil and gas exports, growing 17.5 percent yoy. Then, India accounted for 6.5 percent of total non-oil and gas exports, growing by 30.5 percent yoy.

According to Febrio, exports at the beginning of this year still grew high even though the Manufacturing PMI for several of Indonesia’s main trading partners was still in a contraction zone. However, in view of the potential pressure due to the global economic slowdown, the government will continue to make efforts to increase the competitiveness of export products, including through natural resource downstream support, as well as encouraging the diversification of export destination countries, especially a number of potential countries.

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