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Trade shrinks but remains in surplus for 38th consecutive month
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A worker walks at the container terminal of Tanjung Priok port in North Jakarta on June 16, 2023. (Antara/Aprillio Akbar)
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xports and imports both nosedived last month in a reflection of a slowing global economy, but Indonesia maintained its trade surplus for a 38th month in a row.
Figures presented by Statistics Indonesia (BPS) secretary general Atqo Mardiyanto on Monday showed a significant increase in the country’s trade surplus, which rose from US$440 million in May to $3.45 billion in June.
“Indonesia’s trade balance has recorded a surplus for 38 months in a row, since May 2020,” said Atqo.
June's exports were worth $20.61 billion, down 5.08 percent from May and 21.18 percent from June of last year, a drop that Atqo attributed to sinking commodity prices.
The value of mining products shipped out of the country was down 37.49 percent year-on-year (yoy).
Fossil fuels remain Indonesia’s main export commodity, accounting for nearly 20 percent of total export value in the first half of the year, and China is still Indonesia’s main export destination for non-oil and gas products.
Imports and exports plummeted in tandem, keeping Indonesia's trade in surplus.
