Home » Indonesia Foresees Consecutive Trade Balance Surpluses Since May 2020

Indonesia Foresees Consecutive Trade Balance Surpluses Since May 2020

Anasya Dufana
09:00, 19 Apr 2023

According to Bank Indonesia (BI), Indonesia’s trade balance has been in surplus since May 2020. The trade balance surplus in March 2023 was USD 2.91 billion, or around IDR 43.2 trillion, according to BPS (Central Bureau of Indonesia Statistics) Statistics Indonesia (BPS) and BI Director of Communications Erwin Haryono.

However, the surplus was less than half of as much as it had been in February when it had totalled USD 5.46 billion or IDR 81.2 trillion. Erwin stated that non-oil and gas commodities continued to be the key driver of March’s trade balance surplus.

Indonesia trade surplus on March 2023 — Source ipotnews.com

Check out more information about Indonesia economice situation here

According to BPS statistics, the United States (USD 1.17 billion), the Philippines (USD 909 million), and India (USD 810.5 million) were the three nations in which Indonesia had the largest surplus in January. The largest deficits for Indonesia were with Thailand (USD 398.8 million), Australia (USD 353.1 million), and Argentina (USD 247.1 million). Indonesia also saw a USD 1.42 billion surplus in its overall trade with ASEAN nations in January. Indonesia only experienced a trade deficit with Thailand and Laos.

Despite expanding less quickly than in February, March’s non-oil and gas trade balance nonetheless showed a surplus of USD 4.58 billion or IDR 68.1 trillion, thanks in large part to non-oil and gas exports’ robust performance, which totalled USD 22.16 billion or IDR 329.5 trillion. Coal, precious metals, metal ores, iron, and steel were among the top non-oil and gas exports trade, according to Erwin, which benefited from the continued high pricing of raw materials throughout the world.

China is Indonesia’s top non-oil and gas export trade market, accounting for USD 5.25 billion, or 25.2% of all exports to China. China is Indonesia’s largest supplier of non-oil imports, which totalled USD 5.32 billion (34.2%) and contributed to a deficit on the Indonesian side.

Despite the fact that Indonesia’s monthly trade balance has been in surplus since May 2020, the oil and gas trade sector posted a loss of USD 1.68 billion or IDR 24.9 trillion in March.

Interested about this topic? Check out our other articles:

South Korea Announces Visa-Free Entry Plan for Indonesian Tourist

South Korea plans to grant visa-free entry to Indonesian tourists travelling in organised groups, as part of efforts to increase international visitor numbers. The measure was announced during the 11th National Tourism Strategy Meeting held on Wednesday, 25 February 2026. The meeting was chaired by President Lee Jae Myung and attended by Prime Minister Kim […]

Bali Chosen to Host Opening Round of 2026 Red Bull Cliff Diving World Series

Indonesia will host the opening round of the Red Bull Cliff Diving World Series 2026 for the first time, with Bali selected as the official venue. The competition will take place from 20 to 23 May 2026 and mark the start of the new season, where athletes begin their campaign for the prestigious King Kahekili […]

Variety of Togetherness: Ramadan Feast at Mövenpick Jakarta

Just minutes before sunset, the dining room at Mövenpick Hotel Jakarta City Centre settles into a gentle hush. Glasses are filled. Dates are arranged neatly on small jars. The anticipation is collective and almost ceremonial. When the Adzan finally echoes through the space, the first sip of water feels less like routine and more like […]

Crocodile Attack Kills Woman in Indonesia, Body Parts Found After Animal Captured

A woman from Simeulue Regency, Indonesia, died after a crocodile attack while collecting shellfish in a river, local authorities said. The victim, identified as Jusmitawati, 36, was a resident of Bulu Hadek Village in the Teluk Dalam District of Aceh. She was attacked while searching for shellfish in the Luan Boya River with two friends. […]