Indonesia's Trade Balance Shows Surplus with 9 G20 Members: Which Countries?

The Central Statistics Agency (BPS) reported that Indonesia's trade balance with G20 member countries from January to October 2022 recorded a value of US$26.7 billion, or approximately Rp417.02 trillion (at an exchange rate of Rp15,619/US$).

BPS Deputy for Distribution and Service Statistics, Setianto, stated that this figure even increased from the previous year's achievement. In 2021, Indonesia's trade balance with G20 member countries recorded a surplus of US$15.9 billion.

Setianto explained that Indonesia's trade balance showed a surplus with 9 G20 member countries and a deficit with 10 G20 member countries. "This surplus in Indonesia's trade balance occurred with 9 G20 member countries, the three largest being the United States, India, and the European Union," said Setianto, as quoted by *Bisnis.com* on Tuesday (November 15).

Meanwhile, the largest trade balance deficits were with Australia, Saudi Arabia, and China.

There are five main categories of Indonesian non-oil and gas exports to G20 members: mineral fuels (US$30.55 billion), iron and steel (US$18.70 billion), and animal/vegetable fats and oils (US$17.89 billion).

In addition, metal ores, slag, and ash recorded transactions of US$7.14 billion, and machinery/electrical equipment and parts amounted to US$6.93 billion.

Indonesia's trade balance in goods against all countries reached US$45.5 billion throughout 2022 (ytd). This means that Indonesia's trade balance with G20 countries contributed 58.68% of the total balance with all countries.