Slower global economy cuts into 2023 exports

Market contraction: A barge carrying coal in Cilegon, Indonesia. The country is one of the biggest exporters of the fossil fuel in the world. — AFP

JAKARTA: Indonesia saw last year’s exports drop 11.33 % year-on-year (y-o-y), according to Statistics Indonesia (BPS) data, as the world economy weakened and demand and prices for the country’s main export commodities, coal and crude palm oil (CPO) dropped.

BPS undersecretary for services and distribution statistics Pudji Ismartini told a press briefing that overall exports in 2023 dropped to US$258.8bil from US$291.9bil the previous year.