Statistics Indonesia (BPS) reported a US$3.42 billion (Rp 53.7 trillion) trade surplus at the end of September 2023, continuing the country's long-running positive balance in world commerce for 41 consecutive months.  

September’s surplus value was lower than in the same period last year, which amounted to US$4.99 billion, but a 0.3 billion increased compared to the previous month.  

However, Indonesia's international trade activity experienced a decline overall. The nation’s export value in September 2023 was US$20.76 billion, down 5.63% compared to August 2023 and minus 16.17% compared to September of last year. The same trend happened with imports, as it totaled to US$17.34 billion in the September period, a decrease of 8.15% from August 2023 and 12.45% from September 2022.  

Head of the Fiscal Policy Agency (BKF) at the Ministry of Finance, Febrio Kacaribu, said that the downward shift was in line with the dwindling of global commodity prices and the economic slowdown in a number of major trading partner countries.   

"The World Bank estimates that global commodity prices in 2023 will moderate by minus 21.2 percent compared to 2022 as a result of increasing geopolitical tensions and the weakening of [the economy] China," Mr. Kacaribu said in his statement on Tuesday (17/10), as quoted from the Finance Ministry’s official website.  

Mr. Kacaribu added that the decline in the value of exports and imports was not only experienced by Indonesia but also by many of Indonesia's main trading partner countries, such as China, India, the United States, Vietnam, and South Korea.  

The non-oil and gas sectors contributed the largest to the decreasing amount of Indonesia's exports. The sector posted a 6.41 percent decline from US$20,679.2 million in August to US$19,354.2 million in September. During the September period, mineral fuels (US$2,735.5 million), vegetable animal fats and oils (US$2,325.0 million), and iron and steel (US$2,317.2 million) became the most exported products. China (US$5,172.0 million), the United States (US$1,835.8 million), and India (US$1,835.8 million) were Indonesia's largest destinations.  

On the other hand, oil and gas exports rose 6.54 percent, from US$1,318.8 million to US$1,405.1 million on a month-to-month basis. The upward trend was caused by an increase in crude oil exports of 185.14%, valued at US$205.2 million.  

West Java (US$27,64 billion), East Kalimantan (US$21,16 billion), and East Java (US$16,21 billion) remained Indonesia's largest export origins in the January–September 2023 period. 

In terms of origins of imports in the same period, the biggest sources were China (US$45,677.4 million), Japan (US$12,358.3 million), and Thailand (US$7,708.8 million). In September, it was reported that oil and gas (US$3,328.6 million), machines and mechanical equipment and parts thereof (US$2,610.1 million), and electrical machinery and equipment and parts thereof (US$1,836.2 million), were Indonesia’s top three import commodities. 

*US$1 = Rp15,718