Trade Balance Surplus Continues, BI Strengthens Policy Synergy

JAKARTA - The Central Statistics Agency (BPS), recorded that Indonesia's trade balance surplus continued in January 2024 amounting to 2.02 billion US dollars, this figure is lower compared to the surplus in December 2023 of 3.29 billion US dollars.

Executive Director, Head of Bank Indonesia (BI) Communications Department Erwin Haryono said that Bank Indonesia views this development as positive for further supporting the external resilience of the Indonesian economy.

"In the future, Bank Indonesia will continue to strengthen policy synergies with the Government and other authorities to continue to increase external resilience and support national economic recovery," he explained in his official statement, quoted Friday, February 16.

Erwin said that the trade balance surplus in January 2024 will continue to come mainly from the non-oil and gas trade balance surplus.

The non-oil and gas trade balance in January 2024 recorded a surplus of 3.32 billion US dollars, in line with the continued strength of non-oil and gas exports which reached 19.13 billion US dollars.

Erwin conveyed that the positive performance of non-oil and gas exports was supported by strong exports of animal/vegetable fats and oils, iron and steel, and footwear.

Meanwhile, based on destination countries, non-oil and gas exports to China, the United States, and India remain the main contributors to Indonesia's exports. Meanwhile, non-oil and gas imports remained strong in line with continued improvements in economic activity.

The oil and gas trade balance deficit was recorded to have decreased to a level of 1.30 billion US dollars in January 2024 in line with a deeper decline in oil and gas imports compared to the decline in oil and gas exports.