The Central Statistics Agency (BPS) reported that Indonesia's trade balance was a surplus of US$3.87 billion or the equivalent of Rp588 trillion in January 2023. Despite the surplus for 33 consecutive months since May 2020, this month's realization was lower than December 2022 of US$3.89 billion. "The goods trade balance recorded a surplus of US$3.87 billion. Indonesia's trade balance until January 2023 posted a surplus for 33 consecutive months," said BPS Deputy for Production Statistics M. Habibullah in a press conference, Wednesday (15/2). This trade balance surplus was supported by exports which were higher than imports. RI exports in January 2023 reached US$22.31 billion, down 6.36% month to month (mtm), while imports were recorded at US$18.44 billion, aka down 7.15% mtm. The trade balance for non-oil and gas commodities was a surplus of US$5.29 billion. Meanwhile, the oil and gas commodity trade balance recorded a deficit of US$1.42 billion. Habibullah detailed that non-oil and gas exports fell by 6.84% mtm. Several commodities causing the decline included mineral fuels minus 8.19%, metal ore slag and ash 36.4%, animal/vegetable fats and oils 9.95%, iron and steel goods 9.26%.
"In the last 3 years, Indonesia's export growth in January 2023 has experienced the same pattern when compared to December 2022, which has decreased mtm. This decline in total exports continued the decline that occurred in the previous month. The decline in exports in the last five months has occurred both from in terms of value and volume," explained Habibullah. Then, oil and gas exports still experienced an increase of 0.98% mtm. This increase was driven by oil yields of 71.41% which increased by 51.47% in volume. "On an annual basis (year on year/yoy), exports increased by 16.37%. There is a pattern of January 2023 export growth slowing down yoy compared to January 2022. This continues the decline that also occurred in the previous month," he said. Furthermore, from the import side for non-oil and gas fell 6.75% due to commodity machinery and mechanical equipment and parts fell 14.95%, iron and steel goods 20.02%, optical instruments, photography, cinematography and medical 37.50%. Oil and gas imports also fell 9.21% throughout January 2023. This was supported by oil yields falling 14.20%, gas 12.22%. However, on an annual basis imports rose by 1.27% yoy. "January 2023 import growth has increased again on a yoy basis after experiencing a contraction in November and December 2022," concluded Habibullah.
