Indonesia's Trade Balance Records 41 Consecutive Months of Surplus Through September 2023

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Cindy Mutia Annur 17/10/2023 13:33 WIB

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Indonesia's Central Bureau of Statistics (BPS) reports a trade surplus for 41 consecutive months through September 2023.

Indonesia's Trade Balance Surplus/Deficit (January 2020-September 2023)

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Indonesia's Trade Balance Records 41 Consecutive Months of Surplus Through September 2023

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Indonesia's Trade Balance Surplus/Deficit (January 2020-September 2023)

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The Central Statistics Agency (BPS) reported that Indonesia's trade balance in September 2023 recorded a surplus of US$3.42 billion, up 9.6% month-on-month (mom).

"Thus, the trade balance has recorded a surplus for 41 consecutive months since May 2020," said the Acting Head of BPS, Amalia Adininggar Widyasanti, as reported by Antara on Monday (16/10/2023).

Although it increased monthly, Indonesia's trade balance surplus in September 2023 plunged 31% year-on-year (yoy).

The Indonesian trade balance surplus was supported by a non-oil and gas surplus of US$5.34 billion. Amalia stated that the main contributing commodities to the surplus were mineral fuels, animal and vegetable fats and oils, and iron and steel.

Meanwhile, Indonesia's oil and gas trade balance experienced a deficit of US$1.92 billion, with the deficit-contributing commodities being crude oil and oil products.

Cumulatively, Indonesia's trade balance surplus from January to September 2023 reached US$27.75 billion. This figure is down 30.36% compared to January-September 2022, which amounted to US$39.85 billion.

Amalia said that the three main Indonesian trading partners that boosted the goods trade balance surplus last month were the United States, India, and the Philippines.

Specifically, the surplus with the United States amounted to US$1.15 billion, India reached US$1.14 billion, and the Philippines reached US$763 million.

According to Amalia, the largest contribution to the surplus with the United States included machinery and electrical equipment and parts, animal and vegetable fats and oils, and clothing and accessories.

On the other hand, Amalia continued, the three Indonesian trading partners that contributed the deepest deficits were Australia at US$387 million, Thailand at US$341 million, and Brazil at US$206 million.

"The deepest deficit experienced with Australia was driven by three main commodities, namely cereals, especially wheat, mineral fuels, and silver and ash metal ores," said Amalia.

The surplus in September 2023 occurred because the value of exports was higher than imports. In September 2023, Indonesia's export value reached US$20.76 billion, down 5.63% (mom), while Indonesia's import value reached US$17.34 billion, down 8.15% month-on-month (mom).

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's Trade Balance Records 41 Consecutive Months of Surplus Through September 2023

Indonesia's Trade Balance Records 41 Consecutive Months of Surplus Through September 2023

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Indonesia's Trade Balance Records 41 Consecutive Months of Surplus Through September 2023

Indonesia's Trade Balance Records 41 Consecutive Months of Surplus Through September 2023

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