Blog > Marketplace News > Breaking News: Indonesia’s Central Bank Lowers E-commerce Sales, Which Instead of Increasing Compared To Last Year
Breaking News: Indonesia’s Central Bank Lowers E-commerce Sales, Which Instead of Increasing Compared To Last Year
Jayson 04 Dec 2023 11:33EN
According to media sources, Bank Indonesia (BI) has lowered the country's estimated e-commerce sales in 2023 from IDR 533 trillion to IDR 474 trillion. The revised forecast is set out in the 2023 BI Annual Meeting Report.
Previously, BI expressed optimism in January 2023, predicting that the total value of e-commerce transactions would reach IDR 533 trillion in 2023, a year-on-year increase of 12%.
And now referring to BI's latest forecast, this means that the total value of e-commerce transactions for the whole of 2023 is likely to decline by about 0.6% compared with last year.
However, BI is still optimistic that e-commerce transactions will show better development in the future.
They predict that total e-commerce transactions will reach IDR 487 trillion in 2024, a year-on-year increase of 2.8%; by 2025, total e-commerce transactions will increase again by 3.3% year-on-year to IDR 503 trillion.
This is consistent with the increasing size of technology, the acceleration of the digitization of payment systems, and the increasing public acceptance and preference for digital transactions.
Previously, BI expressed optimism in January 2023, predicting that the total value of e-commerce transactions would reach IDR 533 trillion in 2023, a year-on-year increase of 12%.
And now referring to BI's latest forecast, this means that the total value of e-commerce transactions for the whole of 2023 is likely to decline by about 0.6% compared with last year.
However, BI is still optimistic that e-commerce transactions will show better development in the future.
They predict that total e-commerce transactions will reach IDR 487 trillion in 2024, a year-on-year increase of 2.8%; by 2025, total e-commerce transactions will increase again by 3.3% year-on-year to IDR 503 trillion.
This is consistent with the increasing size of technology, the acceleration of the digitization of payment systems, and the increasing public acceptance and preference for digital transactions.
