JAKARTA: Indonesia’s trade surplus hit a record high of US$54.46 billion last year amid a global increase in commodity prices and a disruption to the global supply chains as a result of the Russia-Ukraine war. The surplus was a 53.75 per cent increase from the US$35.42 billion in 2021. It was cause
JAKARTA: Indonesia’s trade surplus hit a record high of US$54.46 billion last year amid a global increase in commodity prices and a disruption to the global supply chains as a result of the Russia-Ukraine war.
Among its trading partners, Indonesia benefitted the most from its trade with the US, and saw the biggest bilateral deficit with Australia.The US accounted for the largest portion of Indonesia’s overall trade surplus last year. Excluding oil and gas products, the US imported US$18.89 billion more from Indonesia than it exported to the Southeast Asian country
Excluding oil and gas products, Indonesia experienced its largest trade deficit of US$6 billion with Australia. This is due to its import of coal and cereal amounting to US$1.93 billion and US$1.72 billion respectively.According to BPS data, the country’s exports have exceeded its imports for 32 consecutive months.TRADE SURPLUS “NOT SUSTAINABLE”: ECONOMIST
He forecasted that 2023 will see a smaller trade surplus or “even a deficit” as imports into the country have increased due to the relaxation of COVID-19 movement restrictions in Indonesia.
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