Despite a Decline, Indonesia's Trade Balance Remains in Surplus in November 2023

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Erlina Fury Santika 15/12/2023 17:44 WIB

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Indonesia's Central Statistics Agency (BPS) reported a trade surplus of US$2.41 billion in November 2023. This marks the 43rd consecutive month of surplus since May 2020.

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

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Despite a Decline, Indonesia's Trade Balance Remains in Surplus in November 2023

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

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The Central Statistics Agency (BPS) reports that Indonesia's trade balance recorded a surplus of US$2.41 billion in November 2023.

Pudji Ismartini, Deputy for Statistics, Distribution, and Services at BPS, stated that Indonesia's trade balance has been in surplus for 43 consecutive months since May 2020.

However, in terms of value, this surplus decreased by US$1.06 billion compared to October 2023 (month-to-month/mtm). The November 2023 achievement also fell by US$2.68 billion from the November 2022 period (year-on-year/yoy).

The largest contributor to the surplus came from the non-oil and gas sector, amounting to US$4.62 billion. Contributing commodities included mineral fuels and vegetable and animal oils and fats.

Meanwhile, the decline in the surplus was influenced by a deficit of US$2.21 billion in the oil and gas sector. Commodities that experienced a decrease were petroleum products and crude oil. Pudji stated that the oil and gas trade deficit was higher than the previous month (mtm) and the previous year (yoy).

Pudji also explained that cumulatively, from January to November 2023, the trade surplus amounted to US$33.63 billion. This originated from a deficit of US$18.01 billion in the oil and gas sector and a surplus of US$51.64 billion in the non-oil and gas sector.

The cumulative trade balance for January-November 2022 was significantly higher, at US$50.54 billion.

The countries contributing the largest surpluses were India (US$1.54 billion), the United States (US$1.24 billion), and the Philippines (US$796 million).

The countries with the deepest deficits included Australia (US$455 million), Brazil (US$373 million), and an unnamed country (US$342 million).

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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Despite a Decline, Indonesia's Trade Balance Remains in Surplus in November 2023

Despite a Decline, Indonesia's Trade Balance Remains in Surplus in November 2023

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Despite a Decline, Indonesia's Trade Balance Remains in Surplus in November 2023

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