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Weaker global economy, commodity demand cut into 2023 exports
The country's exports declined more than 11 percent in 2023, when it saw its trade surplus shrink by $17.52 billion, amid a global economic slowdown and lower prices for coal and CPO.
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A container is unloaded from a ship by a crane on Jan. 6, 2024 at Belawan Port in Medan, North Sumatra. (Antara/Yudi)
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ndonesia saw last year’s exports drop 11.33 percent year-on-year (yoy), according to Statistics Indonesia (BPS) data, as the world economy weakened on top of lower demands and prices for the country’s main export commodities, coal and crude palm oil (CPO).
BPS undersecretary for services and distribution statistics Pudji Ismartini told a press briefing on Monday that overall exports in 2023 dropped to US$258.82 billion from $291.9 billion the previous year.
“The economies of our main trading partners, such as China, the United States, Japan and India, continued to grow. This shows that global demand is still growing positively but slowing down,” said Pudji.
BPS data also show that last year recorded a drop in the prices of several leading global commodities, with natural gas and nickel slumping respectively 54 percent and 43 percent in December.
Coal, the country’s largest export contributor, saw the steepest price decline in December of 62.6 percent yoy to $141.8 per tonne, while the price of CPO fell 13.49 percent to $813.5 per tonne in the same period.
Manufacturing exports, which contributed more than 72 percent of goods shipped overseas, contracted 9.26 percent yoy to $186.98 billion last year.
