Indonesia Trade Balance December 2022


Indonesia: Merchandise exports grow at a faster rate in December

January 23, 2023

Merchandise exports expanded 6.6% year-on-year in December (November: +5.5% year-on-year). Meanwhile, merchandise imports contracted 6.6% in annual terms in December (November: -1.9% yoy), marking the weakest reading since January 2021.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.9 billion surplus in December (November 2022: USD 5.1 billion surplus; December 2021: USD 1.0 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 54.5 billion surplus in December, compared to the USD 51.6 billion surplus in November.

Our panelists forecast that in 2023 exports will decrease 2.5% and imports will rise 1.5%, with a trade surplus of USD 39.1 billion. In 2024, FocusEconomics panelists expect exports will expand 3.4%, while imports will rise 4.3%, with a trade surplus of USD 38.4 billion.


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Indonesia Trade Balance Chart

Indonesia Trade December 2022

Note: 12-month trade balance in USD billion and annual variation of exports and imports over the last 12 months in %.
Source: Statistics Indonesia (BPS) and FocusEconomics calculations.

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