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Indonesia Records Trade Surplus for 45 Consecutive Months Until January 2024

Cindy Mutia Annur 16/02/2024 16:43 WIB

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According to BPS data, Indonesia recorded a trade surplus again in January 2024. This marks the 45th consecutive monthly surplus.

Indonesia's Trade Balance Surplus/Deficit by Month (January 2020-January 2024)

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Indonesia Records Trade Surplus for 45 Consecutive Months Until January 2024

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Indonesia's Trade Balance Surplus/Deficit by Month (January 2020-January 2024)

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According to a report by the Central Statistics Agency (BPS), Indonesia again achieved a trade surplus in January 2024, valued at US$2.02 billion.

This surplus resulted from the difference between export and import values. In January 2024, Indonesia's total export value reached US$20.52 billion, while total imports amounted to US$18.51 billion.

"Thus, Indonesia's trade balance has recorded a surplus for 45 consecutive months since May 2020," said the Acting Head of BPS, Amalia A. Widyasanti, as reported by Antara on Thursday (February 16, 2024).

The January 2024 achievement was supported by a non-oil and gas trade surplus of US$3.32 billion. The main contributing commodities to this surplus were mineral fuels; animal and vegetable fats and oils; and iron and steel.

On the other hand, the oil and gas trade balance showed a deficit of US$1.3 billion. The commodities contributing the largest deficit were petroleum products and crude oil.

Based on trading partners, Indonesia achieved the largest surplus from trade with India, namely US$1.38 billion, followed by the United States at US$1.21 billion, and the Philippines at US$630 million.

The largest surplus from India was driven by mineral fuels; animal and vegetable fats and oils; and metalliferous ores and concentrates.

Meanwhile, Indonesia experienced the largest trade deficit with China, namely US$1.38 billion, followed by Australia at US$430 million, and Thailand at US$420 million.

Indonesia's trade deficit with China was driven by machinery and mechanical appliances and parts thereof; electrical machinery and equipment and parts thereof; and plastics and articles thereof.

Although cumulatively still in surplus, Indonesia's January 2024 trade balance figures decreased both month-on-month (compared to December 2023) and year-on-year (compared to January 2023), as shown in the graph.

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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Indonesia Records Trade Surplus for 45 Consecutive Months Until January 2024

Indonesia Records Trade Surplus for 45 Consecutive Months Until January 2024

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