Indonesia Exports to Russia Decline, but Imports Increase in March 2022

Indonesia recorded a decline in exports of goods to Russia in March 2022, right after the Russian-Ukrainian war erupted at the end of the previous month.

The Central Statistics Agency (BPS of Indonesia) reported that the value of exports of Indonesian goods to Russia in March 2022 was US$67.5 million, down 48.66% compared to the previous year (year-on-year/yoy).

This export contraction occurred amid soaring prices of a number of commodities, such as palm oil and coal. However, the Red Bear Country is not the main market for Indonesia’s export commodities.

Indonesia’s biggest exports to Russia in March 2022 include animal fat and oil or vegetable oil, rubber and rubber goods, as well as electrical machinery or equipment.

Meanwhile, the value of goods imported by Indonesia from Russia increased by nearly 140% (yoy) to US$257 million in March 2022. The main products imported from the country are iron and steel, fertilizers and mineral fuels.

Thus, Indonesia posted a goods trade balance deficit with Russia of US$189.5 million in March 2022.

If accumulated, during the January-March 2022 period Indonesia’s trade with Russia experienced a deficit of US$204.6 million. In fact, in the same period in 2021 Indonesia posted a surplus of US$42.2 million.

Source : https://databoks.katadata.co.id/datapublish/2022/04/19/ekspor-ri-ke-rusia-turun-tapi-impornya-naik-pada-maret-2022