Indonesia's Export-Import Slows Down, Trade Surplus Maintained: Minister Sri Mulyani

The export and import of Indonesia slowed down until the end of June 2023, according to Finance Minister Sri Mulyani Indrawati. At $20.61 billion, Indonesia's exports decreased by 21.2% from the previous year.

"The export values were high two years in a row in 2021 and 2022 since the prices of commodities soared and Indonesia was able to maintain the export," said Sri Mulyani in a news conference live-streamed on the Ministry of Finance's official YouTube account on Monday, July 24, 2023.

According to Sri Mulyani, when the global economy slowed, there was a corresponding decline in export demand at the same time as commodity prices were being adjusted, which caused the export growth to drop from double-digit growth to shrinkage.

Additionally, imports fell by 18.3% during the same time. The minister claimed that because the manufacturing sector is export-focused, demand was also impacted.

"We can see that the trade balance is still positive through June 2023. Despite the decline in export and import, and despite the fact that exports are more than imports, Sri Mulyani remarked. In just June, the trade balance turned positive to the tune of $3.45 billion. Indonesia, meanwhile, amassed a cumulative surplus of US$19.93 billion as per export import data.

Since we kept a surplus for 38 straight months, she continued, "this is an accomplishment." It will have an impact on our external balance.