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Indonesia's Trade Balance Remains in Surplus for 42 Consecutive Months Until October 2023

Cindy Mutia Annur 17/11/2023 15:50 WIB

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Indonesia recorded a US$3.48 billion trade surplus in October 2023. This surplus has continued for 42 consecutive months.

Indonesia's Trade Balance Surplus/Deficit by Month (January 2020-October 2023)

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Indonesia's Trade Balance Surplus/Deficit by Month (January 2020-October 2023)

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According to a report by Indonesia's Central Bureau of Statistics (BPS), Indonesia recorded a trade surplus of US$3.48 billion in October 2023.

"Indonesia's trade balance has recorded a surplus for 42 consecutive months since May 2020," said Pudji Ismartini, Deputy for Distribution and Service Statistics at BPS, as reported by Antara news agency on Wednesday (November 15, 2023).

Indonesia's October 2023 trade surplus increased by US$70 million compared to September 2023 (month-to-month/mtm), but decreased by US$2.12 billion compared to October of the previous year (year-on-year/yoy).

The October 2023 achievement was supported by a non-oil and gas trade surplus of US$5.31 billion, with the main contributing commodities being mineral fuels, animal and vegetable fats and oils, and iron and steel.

However, this non-oil and gas surplus was lower than that achieved in September 2023 and October of the previous year.

Meanwhile, the oil and gas trade sector recorded a deficit of US$1.84 billion. The main contributors to this deficit were crude oil and oil products.

Despite this, the October 2023 oil and gas deficit was lower than in September 2023 and October of the previous year.

Based on trading partners, Indonesia's largest trade surplus in October 2023 came from India with a value of US$1.5 billion, followed by the United States at US$1.1 billion, and the Philippines at US$900 million.

"The largest surplus was experienced with India, driven by mineral fuels, animal and vegetable fats and oils, and metal ores, slag, and ash," said Pudji.

Meanwhile, the largest trade deficits originated from Australia (US$400 million), Thailand (US$300 million), and Brazil (US$200 million).

Indonesia's trade deficit with Australia was driven by mineral fuels, metal ores, slag and ash, as well as sugar and confectionery.

Cumulatively, from January to October 2023, Indonesia's total trade surplus reached US$31.22 billion, lower than the January-October period of the previous year, which reached US$45.44 billion.

Editor : Adi Ahdiat

"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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