Moh Khory Alfarizi, Jakarta – Head of Statistics Indonesia (BPS) Margo Yuwono announced in a virtual press conference on Monday that the country's trade balance in 2022 logged a surplus both cumulatively and during the fourth quarter of last year.
BPS noted that the goods trade surplus in the fourth quarter of 2022 amounted to US$14.69 billion, which grew 42.34 percent compared to the same quarter the previous year. Meanwhile, the surplus for 2022 reaches US$54.53 billion.
"It grew by 53.96 percent compared to the previous year," he said in a virtual press conference on Monday, February 6.
Margo said that the trade balance surplus was mainly driven by the increase in leading export commodities which provided a windfall for the domestic economy.
"The three leading export commodities that have experienced a significant increase in values were coal, iron and steel, and palm oil," said the head of Statistics Indonesia.
Throughout 2022, economic growth was influenced by global and domestic factors such as benefiting from the relatively high prices of leading export commodities in the global market which provide benefits like a windfall and boost export performance as well as a surplus in the trade balance.
Domestically, the combination of increasingly vibrant public activities – and a mix of fiscal and monetary policies maintaining purchasing power – was able to boost economic activity, both in terms of production and consumption.