Indonesia's August 2022 Trade Balance Shows a US$5.76 Billion Surplus: Here's What Drove It

The Central Statistics Agency (BPS) reported that Indonesia's trade balance in August 2022 showed a surplus of US$5.75 billion. This surplus resulted from a non-oil and gas trade surplus of US$7.74 billion, reduced by a US$1.98 billion deficit in the oil and gas sector.

From January to August 2022, despite a US$16.75 billion deficit in the oil and gas sector, a US$51.67 billion surplus in the non-oil and gas sector resulted in a total surplus of US$34.92 billion.

BPS Deputy for Distribution Statistics of Goods and Services, Setianto, explained that Indonesia has recorded a monthly trade surplus for 28 consecutive months. He stated that Indonesia experienced its largest trade surplus last month with India, reaching US$1.8 billion, followed by the United States at US$1.6 billion, and the Philippines at US$1.09 billion.

The commodities contributing to the trade surplus with these three countries included primarily machinery and electrical equipment, mineral chemical fuels, animal and vegetable fats and oils, clothing and accessories, and vehicles and parts.

On the other hand, trade with several countries also experienced deficits. Indonesia's largest trade deficit remained with Australia at US$678 million, followed by China at US$411 million, and Thailand at US$289 million. These deficits were mainly due to cereals, mineral fuels, machinery and mechanical equipment, and plastic and plastic goods.

BPS recorded exports in August reaching US$27.91 billion. Export performance increased by 9.17% compared to the previous month and by 30.15% compared to the same period last year. Meanwhile, imports in August 2022 also increased by 3.77% compared to the previous month and by 32.81% compared to the same period last year.