Indonesia's Trade Balance Returns To The Surplus Of 3.48 Billion US Dollars In October 2023

JAKARTA - The Central Statistics Agency (BPS) recorded Indonesia's trade balance in October 2023 again with a surplus of 3.48 billion US dollars. This is a surplus for 42 consecutive months.

Meanwhile, this surplus was driven by a higher export value than the import value. BPS recorded the value of Indonesia's exports in October 2023 of 22.15 billion US dollars while imports amounted to 18.67 billion US dollars. This surplus is higher when compared to September 2023 which reached 3.42 billion US dollars.

Deputy for Distribution and Services Statistics, BPS Pudji Ismartini, said that this surplus was supported by coal exports. "An annual export value in October 2023 reached 22.15 billion US dollars. That figure is down 10.43 percent compared to October 2022," he said at a press conference, Wednesday, November 15.

Pudji added that the contraction in export value was driven by a decrease in non-oil and gas exports and continued the trend that had occurred since the beginning of the year, mainly due to superior commodity prices in the global market which were lower than last year's conditions.

However, when compared to September 2023, the export value of October 2023 rose 6.76 percent. The increase in export value in October 2023 was driven by an increase in non-oil and gas exports, especially in the class of mineral fuels, which rose 24.61 percent, precious metals and jewelry or gems rose 43.10 percent and footwear rose 39.55 percent.

On an annual basis, the value of imports in October 2023 was 18.67 billion US dollars. This figure is down 2.42 percent when compared to October 2022 or on an annual basis. Meanwhile, on an annual basis, the value of oil and gas imports fell 4.68 percent while non-oil and gas imports fell 1.94 percent and this continued the downward trend that had occurred in the previous month.

Meanwhile, on a monthly basis or compared to September 2023, the import value rose 7.68 percent. Where the import value of oil and gas was 3.21 billion US dollars, down 3.66 percent compared to the previous month, while non-oil and gas imports worth 15.47 billion US dollars rose 10.37 percent compared to the previous month.