Indonesia's Trade Surplus Soars 95.5% in July 2021

Indonesia's trade balance recorded a surplus of US$2.6 billion in July 2021. This figure increased by 95.5% compared to the previous month, which was US$1.3 billion. However, compared to July 2020, which recorded a surplus of US$3.2 billion, the July 2021 trade balance surplus decreased by 20%.

The trade surplus in July 2021 occurred because the value of exports was higher than imports. Recorded export value reached US$17.7 billion, while imports amounted to US$15.1 billion.

The non-oil and gas balance contributed a surplus of US$3.4 billion last month, up from US$2.4 billion in June 2021. Meanwhile, the oil and gas balance still recorded a deficit of US$794.8 million, although lower than June 2021, which reached US$1.1 billion.

Looking at the trend, Indonesia has experienced a surplus for fifteen consecutive months since May 2020. This indicates an improving Indonesian economy.

The highest trade surplus occurred in October 2020, reaching US$3.6 billion. In addition, the surplus from January to July 2021 amounted to US$14.4 billion, up 66.7% from the same period in 2020, which was US$8.7 billion.

The largest contributors to the non-oil and gas trade surplus in July 2021 were the United States (US), the Philippines, and Malaysia. Non-oil and gas exports to the US reached US$2 billion, while imports were only US$744.8 million. As a result, Indonesia's non-oil and gas trade balance with the US reached a surplus of US$1.3 billion.

Then, Indonesia's non-oil and gas exports to the Philippines were recorded at US$628.5 million, while imports were only US$95.5 million. Thus, Indonesia's non-oil and gas trade surplus with the Philippines amounted to US$533 million.

Indonesia's non-oil and gas exports and imports with Malaysia were US$784 million and US$386.5 million, respectively. As a result, Indonesia's non-oil and gas trade surplus with Malaysia amounted to US$397.5 million.