In March 2023, Indonesia's trade balance recorded a surplus of USD 2,91 billion. This surplus is the 35th consecutive month since May 2020. This April edition of the Trade and Industry Brief discusses trade performance in March 2023 and presents a special discussion regarding the review of Indonesia's international trade performance throughout 2022 compared to previous years.
In 2022, Indonesia's exports will grow by 26,07% and the trade balance will record a surplus of USD54,46 billion. This achievement is certainly an encouraging note amidst the dynamics of world trade last year, which overall only recorded growth in value of 12% and volume of 2,7%. The positive performance of exports and the trade balance over the last 35 months is one of the modalities to support economic growth in the short term. However, in order to become an engine driving growth in the medium and long term, there is still an agenda for improvement, including increasing diversification of export commodities, diversification of trading partners, as well as consistency in efforts to increase economic complexity through modernization of the national processing industry.
