Indonesia’s trade surplus has peaked
2022.12.20 02:10
Indonesia’s trade surplus has peaked
Budrigannews.com – A trade ministry official stated on Tuesday that although Indonesia’s trade surplus in 2022 will likely be the largest it has ever been, the gap is anticipated to narrow next year to approximately $38.3 billion to $38.5 billion.
Kasan, head of the ministry’s trade policy department, did not give an estimate for the merchandise trade surplus this year, but he did say that it was likely to be a record high.
“We will probably still have a surplus next year. However, the growth will be affected by future circumstances, including those in nations that are destinations for our exports,” Kasan, who goes by a single name, told reporters at a trade seminar.
Indonesia, which is rich in resources, has seen an increase in exports this year as a result of rising commodity prices worldwide. It posted a $50.6 billion trade surplus between January and November, surpassing the previous record annual surplus, set in 2006.
He stated, “Next year, we need to focus our strategy on non-traditional markets… to compensate for crises or weakening in traditional markets.”
Additionally, authorities have predicted that exports will surpass $290 billion this year, a new record. Exports were worth $268.2 billion from January to November, a 28.2% increase from the previous year.
China, the United States, and Japan are Indonesia’s top buyers. The trade ministry has been increasing shipments to Africa and Latin America in an effort to diversify.
Kasan predicted a 3.9% to 4.7% increase in exports next year, excluding oil and gas shipments.
From January to November, these exports increased by 29% year-over-year.
More German business activity increased in December
Due to a decrease in commodity prices and a slowdown in global economic expansion, analysts have predicted that Indonesia’s export growth will likely slow down next year.
