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.
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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.
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