Indonesia Records Trade Surplus of USD3.87 Billion in January 2023

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Receh.in - Indonesia has recorded a trade surplus of USD3.87 billion in January 2023, marking its 33rd consecutive surplus since May 2020. Head of Fiscal Policy Agency at the Ministry of Finance, Febrio Nathan Kacaribu, said that Indonesia's exports in January have shown good growth, increasing by 16.37% (year-on-year) to USD22.31 billion.

"This growth was supported by the increase in both oil and non-oil commodity exports, which grew by 65.03% and 13.97%, respectively," said Febrio in a statement released on Thursday (16/2).

Some of the key commodities that have supported the positive export performance include precious metals and jewelry/gems, as well as rubber and rubber goods. Export to major trading partners has also remained strong. Non-oil exports to China accounted for 25.2% of total non-oil exports, which grew by 49.4%. This was followed by non-oil exports to Southeast Asia (18.9% of total non-oil exports) and India (6.5% of total non-oil exports), which grew by 17.5% and 30.5% annually, respectively.

"Although the Manufacturing PMI of some of Indonesia's major trading partners such as China is still in the contraction zone, exports still grew at a high rate in the beginning of this year," said Febrio.

Meanwhile, imports in January 2023 were recorded at USD18.44 billion, up by 1.27% (year-on-year). When viewed from their usage, they are still growing positively. For instance, consumer goods imports grew by 1.09%, capital goods (5.66%), and auxiliary materials (0.41%).

"The consistent positive growth in all types of imports indicates that domestic production activities are still expanding, in line with the PMI indicator which increased in January," explained Febrio.

When looked at by commodity type, imports were dominated by major commodities, including machinery and electrical equipment, and their parts. With the development of exports and imports, the largest contributors to the surplus were the United States, the Philippines, and India, with their major commodities being mineral fuels, palm products, and machinery.

"The trade surplus at the beginning of this year is a good start to strengthening the resilience of the national economy in facing global challenges ahead. The export and import figures are still quite high, even the highest compared to January in previous years," said Febrio.

Going forward, the government will remain cautious of the potential pressure from the global economic slowdown, as reflected by the contraction of the Manufacturing PMI of trading partner countries. The government will continue to strive to increase the competitiveness of export products, including by promoting the downstreaming of natural resources and diversifying export destinations to potential countries.

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