Indonesia 2023 exports fell 11.33%

JAKARTA: Indonesia recorded an 11.33% drop in exports for all of 2023, even though the decline in December was less than expected, amid falling global commodity prices, data from the statistics bureau showed on Monday.

In total, exports reached $258.82 billion in 2023, down from $291.9 billion the year before.

Shipments in December fell 5.76% on a yearly basis by value to $22.41 billion, less than the 8.1% drop expected in a Reuters poll of economists.

Prices of Indonesia’s main commodities, such as coal, palm oil and nickel, were hit last year as global economic growth weakened.

Indonesia’s FX reserves rise to $146.4bn at end-December

The bureau is due to release import and trade balance data later on Monday.