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Trading
Indonesia, a developing country rich in natural resources and boasting the 4th largest population in the world, maintains an extensive trade presence. In 2023, the national trade balance reached US$480.7 billion, having grown significantly compared to the pre-pandemic period in 2019, when it stood at US$338.96 billion. Moreover, as of March 2024, the country has officially recorded a trade balance surplus for its 47th consecutive month.
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Trading
Indonesia, a developing country rich in natural resources and boasting the 4th largest population in the world, maintains an extensive trade presence. In 2023, the national trade balance reached US$480.7 billion, having grown significantly compared to the pre-pandemic period in 2019, when it stood at US$338.96 billion. Moreover, as of March 2024, the country has officially recorded a trade balance surplus for its 47th consecutive month.
In terms of exports, Indonesia’s top export commodity has historically been mineral-based fuels, especially coal. However, in the global market, Indonesia is a superpower in the exports of vegetable oils, particularly palm oil, having captured roughly 20 percent of the market with a total export value of US$35.2 billion in 2022. Behind that, Indonesia also leads in nickel exports, with a total export value reaching US$5.8 trillion or 14 percent of global exports.
In 2023, China emerged as Indonesia’s top partner for both exports and imports, with a total annual value of US$62.3 billion and US$62.2 billion, respectively. Meanwhile, the nation’s next top export destination is the US, with a total annual value of US$ 23.2 billion, while the next top import country of origin is Japan, with a total annual value of US$ 16.4 billion.
For trades on the level of individual consumers, the main driver of growth has been the rise in e-commerce throughout the past few years. E-commerce gross market value (GMV) grew by 20 percent from US$48 billion in 2021 to US$58 billion in 2022. This growth persisted to 2023, as e-commerce GMV grew by 7 percent to US$62 billion. E-commerce grew rapidly as it provided a means for Indonesian consumers to maintain access to goods and services during the pandemic period of 2020-2022. However, by the time the pandemic ended, e-commerce had grown ubiquitous and became a staple in the day-to-day lives of the average Indonesian.
Meanwhile, the domestic retail sector in Indonesia is driven by the sale of automotives. The retail of automotives alone in the country reached a gross domestic product (GDP) of US$174.35 billion in 2023, contributing to roughly 13.53 percent of Indonesia’s total GDP of US$1.3 trillion for that year at current market prices. Moreover, the country also achieved a per capita GDP of US$ 4,919.
Strong trade growth followed by increasing access to goods has bolstered local consumer confidence in Indonesia despite the period of uncertainty throughout 2023. According to Bank Indonesia’s monthly consumer confidence survey, Indonesians entered 2024 with high confidence, with the confidence index rising from 123.8 in December 2023 to 125.0 in January 2024. Moreover, this increase is even higher compared to same period the previous year, as a consumer confidence index of 123.0 was recorded for January 2023.
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The progress in the corruption case involving crude oil procurement at state oil and gas company Pertamina for the 2018–2023 period deserves appreciation. Yet this development may represent only the tip of the iceberg in Indonesia’s law enforcement efforts. The sentences handed down to the suspects are considered mild and lack deterrence effect, while the main actor behind the scheme remains elusive amid the recurring scandals surrounding Pertamina.
Investigators with the Attorney General’s Office (AGO) began probing the case in October 2024. After questioning 96 witnesses and two experts, and seizing 969 documents and 45 pieces of electronic evidence, prosecutors named nine suspects in February 2025.
Six suspects were drawn from the high-level ranks of Pertamina’s subsidiaries. These were PT Pertamina Patra Niaga president director Riva Siahaan, vice president of trading and other business Maya Kusmaya and VP of trading product Edward Corne; PT Kilang Pertamina Internasional VP of feedstock management Agus Purwono and VP of product optimization Sani Dinar Saifuddin; and PT Pertamina International Shipping president director Yoki Firnandi.
Also standing trial were suspects representing the private sector: Muhammad Kerry Adrianto Riza, the beneficial owner of PT Navigator Khatulistiwa; Dimas Werhaspati, a commissioner of PT Navigator Khatulistiwa and PT Jenggala Maritim; and Gading Ramadhan Joedo, a commissioner of PT Jenggala Maritim and president director of PT Orbit Terminal Merak.
According to the AGO, the alleged corruption caused Rp 25.4 trillion (US$1.5 billion) in direct state losses. Furthermore, it triggered an estimated Rp 171.9 trillion in broader economic damage stemming from inflated fuel prices, which placed a massive burden on the national economy and public purchasing power.
After more than a year of legal proceedings, the Jakarta Corruption Court handed down verdicts against the nine defendants on Feb. 26. However, all sentences were lighter than the penalties sought by the state prosecutors. For instance, Kerry was sentenced to 15 years in prison and ordered to pay a Rp 1 billion fine plus Rp 2.9 trillion in restitution. This fell short of the 18-year sentence and Rp 10.4 trillion in restitution sought by prosecutors.
On March 2, the AGO announced it would appeal the verdicts. Prosecutors argue that the court failed to adequately consider the staggering broader economic losses and the limited restitution obligations imposed on the defendants.
Beyond the lenient sentencing, the puzzle remains incomplete because the alleged mastermind behind the scheme is still at large: oil trader Mohammad Riza Chalid, who is Kerry’s father.
Investigators allege that as early as 2012, Riza pressured Pertamina to lease the Merak fuel terminal, operated by Orbit Terminal Merak, in Banten, without a competitive tender process. This lobbying reportedly spanned from 2012 to 2014.
Riza was officially named a suspect on July 10, 2025, and placed on the AGO’s wanted list a month later. Following international coordination, Interpol issued a Red Notice for him on Jan. 23. His current whereabouts are believed to be in Malaysia.
Riza is no ordinary figure in the country’s oil and gas landscape. Known for years as the "gasoline godfather", he was widely believed to wield immense influence over Pertamina Energy Trading Ltd (Petral), the company’s former trading arm. With a long history of connections to political elites, he was previously linked to the 2015 “papa minta saham” scandal that shook the foundations of Indonesian politics, evident in the arrest of then-House of Representatives speaker Setya Novanto.
Bringing Riza to justice is crucial to uncovering the modus operandi behind his alleged intervention in Pertamina’s governance. More broadly, prosecuting figures who operate behind the scenes remains the ultimate challenge for Indonesian law enforcement.
This is not an isolated case. Pertamina has been infested with corruption since the oil boom of the 1970s, when it served as both regulator and player in a lucrative industry. While several former president directors have been sentenced for graft, cases like that of Karen Agustiawan remain controversial for blurring the line between criminal corruption and legitimate business decisions.
Law enforcers continue to pursue multiple fronts, including the investigation into liquefied natural gas (LNG) procurement (2013–2020), which caused an estimated Rp 2.1 trillion in losses, and the mismanagement of pension funds at Pertamina, totaling roughly Rp 1.4 trillion.
The recent verdict is a milestone, but it also underscores a systemic problem. Without stronger accountability, total transparency and the political will to pursue the power players behind the curtain, corruption risks remaining a recurring feature of Indonesia’s energy sector.
