The Ministry of Trade (MoT) in Indonesia has set a target for a trade surplus ranging from USD 31.6 billion to USD 53.4 billion for the current year. Deputy Minister Jerry Sambuaga stated that this target is based on the previous year's trade surplus realization, which fell just short of USD 40 billion, reaching USD 36.93 billion. He expressed confidence in achieving this target, attributing it to the government's efforts in downstreaming commodities. This strategy aims to increase the value of exports through added value from downstreaming policies. Indonesia recorded a trade surplus of USD 36.93 billion in 2023, supported by an 8.55% year-on-year increase in export volume, totaling USD 258.82 billion. However, this figure was slightly lower than the 2022 export total of USD 291.90 billion. Notably, Indonesia's exports were predominantly directed towards China, with a 25.66% share, followed by the United States at 9.57%, and India at 8.35%. Additionally, exports to ASEAN and the European Union accounted for 18.35% and 6.78% respectively of Indonesia's total exports in 2023.
In contrast, Indonesia's imports in 2023 amounted to USD 221.89 billion, marking a decrease of approximately 6.55% compared to 2022. The decline in imports was mainly attributed to reduced imports of machinery, electrical equipment, and parts. Conversely, imports of machinery and mechanical equipment and parts saw an increase. Overall, Indonesia aims to boost its trade surplus through increased export value, leveraging policies focused on downstreaming commodities. Deputy Minister Sambuaga remains optimistic about achieving the set targets, anticipating significant growth in exports, particularly to China, the United States, and India. This strategic approach aligns with Indonesia's broader economic goals and efforts to maintain a favorable trade balance.
