Indonesia Sees Consecutive Trade Balance Surpluses Since May 2020

TEMPO.CO, Jakarta - Bank Indonesia (BI) said that the Indonesia's trade balance has recorded surpluses non-stop since May 2020. BI director of communications Erwin Haryono said that according to data from Statistics Indonesia (BPS), the trade balance surplus in March 2023 stood at US$2.91 billion or around Rp43.2 trillion.

However, the surplus was lower by almost half compared to February, when it reached US$5.46 billion or Rp81.2 trillion.

Erwin said that the main contributor to March's trade balance surplus was still non-oil and gas commodities.

Despite growing slower compared to February, March's non-oil and gas trade balance recorded a surplus of US$4.58 billion (Rp68.1 trillion), supported by the strong performance of non-oil and gas exports which stood at US$22.16 billion (Rp329.5 billion) trillion).

Erwin said that non-oil and gas exports' top contributing factors were coal, precious metals, metal ores, as well as iron and steel, which came out strong as global commodity prices were still high.

Although Indonesia's overall monthly trade balance continues to record surpluses since May 2020, in March this year the oil and gas trade recorded a deficit of US$1.68 billion (Rp24.9 trillion).

AMELIA RAHIMA SARI

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