Trade for Mainstay Commodities Declined Throughout 2023

Indonesia’s trade balance has seen contraction throughout last year, triggered by weakening purchasing power and declining price of mainstay products.

Ni Luh Anggela & Rayful Mudassir

16 Jan 2024 - 19.34
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Trade for Mainstay Commodities Declined Throughout 2023

Illustration - Indonesian CPO product

Bisnis, JAKARTA — As anticipated since the beginning of last year, Indonesia's trade experienced contraction throughout 2023. The weakening purchasing power of the public and the depreciation of prices for key export commodities contributed to this downturn.

Looking back over the past year, businesses began to worry about the global demand for Indonesian products, which was expected to decline in 2023. Despite ending the Covid-19 pandemic, global economic growth has not stabilized yet. For instance, the demand for manufactured products slowed amid geopolitical upheavals worldwide.

In addition to weakened purchasing power, global supply chains were still disrupted due to conflicts like the Russia-Ukraine war and conflicts in the Middle East, especially the Israel-Hamas war.

Moreover, export-oriented mainstay commodities such as mineral commodities like coal and crude palm oil (CPO) experienced a decline in value in the global trade, contrasting with the situation in 2022. 

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Editor: Yusuf Waluyo Jati
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Trade for Mainstay Commodities Declined Throughout 2023

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