In December 2023, Indonesia's trade balance demonstrated a surplus for the 44th consecutive month, as reported by the Central Statistics Agency (BPS). The period saw exports totaling USD 22.41 billion and imports at USD 19.11 billion, resulting in a trade surplus of USD 3.3 billion. Pudji Ismartini, Deputy for Distribution and Services Statistics at BPS, revealed that this surplus increased by USD 0.9 billion on a monthly basis. This consistent surplus streak has been ongoing since May 2020, showcasing Indonesia's resilience in trade. While December 2023 exhibited growth compared to the previous month, it lagged behind the figures from the same month in the preceding year. The surplus in the trade balance for December 2023 was mainly driven by non-oil and gas commodities, amounting to USD 5.20 billion. Key contributors to this surplus were mineral fuels, fats and oils of animal or vegetable origin, iron, and steel. Although the non-oil and gas trade surplus in December 2023 surpassed the previous month, it remained lower than the figures reported in December 2022. Concurrently, the trade balance for oil and gas commodities recorded a deficit of USD 1.89 billion in December 2023, with crude oil and raw oil being the major contributors to this deficit. However, this deficit was lower than the preceding month but higher compared to the same period in the previous year.
Cumulatively, from January to December 2023, Indonesia's total trade surplus amounted to USD 36.93 billion. Despite being lower by approximately USD 17.52 billion or 33.46% compared to the same period in the previous year, the sustained surplus highlights Indonesia's capacity to maintain a favorable trade balance. This robust trade performance contributes to the country's economic stability, and the government continues to implement measures to ensure sustainable growth in the face of global economic uncertainties.
