Indonesia's Trade Balance Posts US$5.67 Billion Surplus in October 2022, Driven by the Non-Oil and Gas Sector

The Central Statistics Agency reported that Indonesia's trade balance in October 2022 showed a surplus of US$5.67 billion.

The surplus from non-oil and gas trade transactions was even higher, at US$7.66 billion, but was reduced by a US$1.99 billion deficit in the oil and gas trade sector. From January to October 2022, the oil and gas sector experienced a deficit of US$20.89 billion, but a surplus of US$66.41 billion was still recorded in the non-oil and gas sector, resulting in a total surplus of US$45.52 billion.

Indonesia's exports in October 2022 increased by 0.13 percent compared to September 2022, from US$24,777.2 million to US$24,809.2 million. Compared to October 2021, exports increased by 12.30 percent.

Meanwhile, Indonesia's imports in October 2022 reached US$19.13 billion, down 3.40 percent compared to September 2022 but up 17.44 percent compared to October 2021.

The increase in exports in October 2022 compared to September 2022 was due to a 4.93 percent increase in oil and gas exports, from US$1,310.5 million to US$1,375.1 million, while non-oil and gas exports decreased by 0.14 percent from US$23,466.7 million to US$23,434.1 million.

The increase in oil and gas exports was due to a 9.02 percent increase in oil product exports to US$324.6 million and an 8.34 percent increase in gas exports to US$921.2 million, while crude oil exports decreased by 20.43 percent to US$129.3 million. Cumulatively, Indonesia's export value for the January-October 2022 period reached US$244.14 billion, up 30.97 percent compared to the same period in 2021, while cumulative non-oil and gas exports reached US$230.62 billion, up 30.61 percent.

(read: Indonesia's Trade Balance Shows Surplus Against 9 G20 Members - Which Countries?)