Indonesia skyline

Indonesia Trade January 2024

Indonesia: Merchandise exports drop at a sharper pace in January

Merchandise exports contracted 7.8% on an annual basis in January, following December’s 7.7% drop. Meanwhile, merchandise imports increased 3.0% in annual terms in January (December: -6.8% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.6 billion surplus in January (December 2024: USD 3.9 billion surplus; January 2023: USD 4.9 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 45.4 billion surplus in January, compared to the USD 47.6 billion surplus in December.

United Overseas Bank analysts Enrico Tanuwidjaja and Agus Santoso commented on the outlook:

“We expect Indonesia to post higher trade surplus this year on the back of multiple factors including improving demand from key trading partners and the potential for higher prices of several commodities including CPO and base metals. In addition, the operation of several smelters related to nickel, bauxite, and copper commodities in 2H24 will provide some upside to base metals exports this year. Nonetheless, we remain cautious of the uncertainty in the global geopolitical environment that may dampen the exports improvement going forward.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest