JAKARTA: Indonesia's trade surplus shrank by almost a third in 2023 from a year earlier, as exports and imports dropped along with falling commodity prices and weakening global trade, data from the country's statistics bureau showed on Monday.

       The 2023 trade surplus fell to $36.93 billion from $54.46 in 2022, which was a record high fuelled by the global commodity boom.

       Prices of Indonesia's main commodities, including coal, palm oil and nickel, fell sharply last year. Some economists predict a further drop this year, though at a slower rate than in 2023.

       Exports pulled back to $258.82 billion in 2023 from $291.9 billion in 2022, which was also a record high.

       Imports reached $221.89 billion last year, down from $237.45 billion a year before.

       The trade surplus in December, however, beat expectations at $3.3 billion, with exports higher than expected and imports declining. Economists polled by Reuters had expected a $1.92 billion surplus for the month.

       December's shipments fell 5.76% from a year earlier to $22.41 billion, less than a decline of 8.1% forecast in the poll.

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       Imports dropped 3.81% on a yearly basis to $19.11 billion, compared with a 0.4% increase forecast in the poll. - Reuters