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Indonesia's trade surplus surpasses US$3.42 billion

Tempo - October 17, 2023

Defara Dhanya Paramitha, Jakarta – According to Statistics Indonesia, the balance of trade surplus in Indonesia continues to September 2023, surpassing US$3.42 billion. The Executive Director of Communication Department of Bank Indonesia Erwin Haryono stated that the number is higher than the surplus in August, amounting to US$3.12 billion.

"Bank Indonesia views this development to be positive to further sustain Indonesia's economic external resilience," he said in a written statement on Tuesday, October 17, 2023.

Moving forward, Bank Indonesia will continue to strengthen the synergies with the government and other authorities to promote national economic recovery and external resilience, Erwin said.

Meanwhile, the main source of Indonesia's balance of trade surplus is the non-oil and gas sector. "The surplus for the non-oil and gas balance of trade reached US$5.34 billion, an increase from last month's US$4.46 billion," he said.

According to Erwin, the positive performance is supported by the strength of Indonesia's non-oil and gas exports, especially iron and steel, precious metal and jewelry, as well as nickel commodities.

Based on the destination state, the non-oil and gas export to China, the US, and India remains the top contributor to overall export. "Meanwhile, the non-oil and gas import remains strong along with the continued economic activities improvement," Erwin said.

On the other hand, the deficit to the oil and gas balance of trade increased to US$1.92 billion in September 2023. This number is in line with the fact that crude oil import is bigger than the increase in crude oil export.

Source: https://en.tempo.co/read/1784952/indonesias-trade-surplus-surpasses-us3-42-billio