Sector
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.
Latest News
The East Java Province trade and investment mission in Balikpapan City, East Kalimantan Province successfully recorded a total transaction value of Rp1.05 trillion. East Java Governor Khofifah Indar Parawansa said that the figure was the highest so far this year among East Java's trade and investment missions, and confirmed the province's position as a driving force for the national economy amid global pressure.
"This achievement is real proof that collaboration between provinces is able to strengthen the independence of the domestic market. This is a concrete form of cooperation between regions that trust and support each other. East Java continues to be committed to maintaining economic stability and expanding the national trade network," she state in an official statement on May 13, 2025.
The trade and investment mission was held at the Gran Senyiur Hotel Balikpapan on May 8, 2025, was attended by Khofifah, East Kalimantan Deputy Governor Seno Aji, and PT Bank Pembangunan Daerah Jawa Timur Tbk (Bank Jatim) President Director Busrul Iman.
The types of products traded during the event were very diverse, ranging from coal, fish feed, food and beverages, fashion, fishery products, to restaurant raw materials. Meanwhile, the largest investment was recorded in the crude palm oil (CPO) and wood pallet sectors. Several leading products from East Java that were also exhibited included tuna floss, spices, processed crab, garments, and processed beef.
Khofifah said that the East Java-East Kalimantan trade mission has a high strategic value. In 2023, total trade between the two provinces reached Rp23.25 trillion, with East Java importing Rp18.89 trillion from and exporting Rp4.36 trillion to East Kalimantan.
"We are ready to become the new gateway to the archipelago, and give our full support to East Kalimantan as a candidate for [hosting] the nation's capital," he said.
In response, Seno gave his appreciation and expressed optimism for the cooperation. He hopes that East Java business actors will be willing to develop more industrial downstreaming in East Kalimantan. Most importantly, Seno also hopes that the trade mission can bring great benefits to business actors and the two regions as a whole.
"East Java is the gateway to the archipelago and East Kalimantan hosts the future capital city. This synergy will accelerate the growth of Kalimantan," he said.
Meanwhile, Bank Jatim President Director Busrul Iman emphasized that the bank continues to fully support the East Java Provincial Government's programs. One such program is the strengthening of domestic trade connections through trade and investment missions, which was supported by Bank Jatim through involving several MSMEs fostered by the East Java Provincial Government-owned bank with East Java's trade mission in Balikpapan City.
He explained that the trade mission is a forum to bring together MSME actors between regions or provinces with buyers. In addition to being a venue for business actors to meet, the event is also a gateway for socio-cultural exchange between regions.
"We are currently continuing to strive to help overcome the problems faced by MSMEs, ranging from marketing access, financing, to mentoring. Bank Jatim strongly supports MSMEs in developing their businesses. One of Bank Jatim's missions in this activity (the East Java trade mission in Balikpapan City) is to help the MSMEs it fosters to expand their market networks and support the government in strengthening trade ties between the provinces of East Java and East Kalimantan," Busrul explained.
There were three MSMEs fostered by Bank Jatim that participated in the event, with Toko Kue Obby presenting apple nastar (bite-sized Southeast Asian tarts), Renjana showcasing its flavored cashew products, and Batik Puspita exhibiting its batik.
"As a regional bank, we will continue to support MSMEs so that they could accelerate their growth with good quality [products] so they can compete in the national and international markets," Busrul said.
In addition, Bank Jatim also presented the Batik Wastra Performing Arts by Batik Puspita, featuring East Java's Raka-Raki or tourism ambassadors modeling Sekartaji pattern batik.
"This wastra batik performance is a way for Bank Jatim to preserve and excite the community, especially the younger generation, in terms of loving their ancestral heritage. Hopefully, the number of people interested in batik will increase in the future, and Indonesian batik can be better known on the global stage," he said.
