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US main contributor to Indonesia’s biggest-ever trade surplus
Exports grew faster than imports last year as natural resources remain the country’s primary source of revenue, but the December figures point to a slowdown in shipments from Indonesia.
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Stacks of containers are seen at the port in Tanjung Priok in Jakarta, on March 31, 2021. (AFP/Bay Ismoyo)
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ast year’s global spike in commodity prices, while causing headaches for economies around the world, has helped Indonesia achieve its biggest-ever trade surplus.
Trade with the US was particularly advantageous for Indonesia, while Australia accounted for the biggest bilateral deficit.
The country’s exports grew faster than imports in 2022, as natural resources remained the primary source of revenue, according to data presented on Monday by Statistics Indonesia (BPS) head Margo Yuwono.
The result was a full-year trade surplus of US$54.46 billion, up by a massive 53.67 percent year on year (yoy), thanks to increases in both prices and shipment volumes of Indonesian export commodities like coal, crude palm oil (CPO) and iron.
Global commodity prices skyrocketed following the Russian invasion of Ukraine in February last year, partly due to Western sanctions imposed on Russia, a major exporter of energy, metals and food.
This exacerbated supply-side disruption in a global economy that was already struggling with bottlenecks as countries simultaneously reopened business activities following the COVID-19 pandemic.
Although Indonesia did have to buy oil on the global market at a much higher prices, the trade balance remained in surplus throughout last year. In fact, exports have now exceeded imports for 32 consecutive months.
