Two Busy Months Of War, Indonesia And Russia's Trade Balance Collapses Like A Bomb

JAKARTA - The war situation between Russia and Ukraine has an impact on Indonesia's foreign trade. This fact was revealed by the Central Statistics Agency (BPS) which gave its report today.

Head of the Central Statistics Agency, Margo Yuwono, said the trade balance between Indonesia and Russia during the January to March 2022 period was minus 204.6 million dollars. This figure was formed due to the higher import value with 604.2 million US dollars compared to exports which amounted to 399.6 million US dollars.

"In fact, from January to March 2021, Indonesia recorded a trade surplus with Russia of 42.4 million US dollars", he said during an online press conference on Monday, March 18.

Margo added that the pressure on the trade balance had actually occurred since the beginning of this year. In his speech, in January 2022 there was a deficit of 10.2 million US dollars with Russia. Then in the next two months, the same condition also occurred with a deficit in February of 4.9 million US dollars and a March deficit of 189.5 million US dollars.

In detail, the Head of the Central Statistics Agency explained that Indonesia's main export commodities to Russia were in the form of vegetable/animal fats and oils, rubber and rubber products, as well as electrical machinery and equipment.

Meanwhile, for imports, Indonesia mostly imports iron and steel from red bear countries. Followed by fertilizer commodities, and mineral fuels.

"Hopefully the tension between Russia and Ukraine will be resolved quickly so that we can improve this trade balance", concluded Margo.