BPS Reveals China As The Largest Deficit Contributor

JAKARTA - The Central Statistics Agency (BPS) recorded Indonesia's trade balance in July 2024 of US$0.47 billion, down US$1.92 billion from the previous month's surplus which reached US$2.39 billion. However, this surplus continues to make Indonesia's trade balance a surplus for 51 consecutive months.

Acting Head of BPS Amalia Adininggar Widyasanti said that based on the main trading partner countries of Indonesia, the United States (US), India and the Philippines were the biggest contributors to the surplus. Meanwhile, China, Australia and Singapore are the biggest contributors to the deficit.

"In July 2024, Indonesia experienced a trade balance surplus with several countries and the three largest were surpluses with the United States 1.27 billion US dollars, with India 1.23 billion US dollars and with the Philippines 0.74 billion US dollars," Amalia said at a press conference, Thursday, August 15.

Indonesia's trade balance surplus with the United States reached 1.27 billion US dollars, an increase from the previous month which reached 1.21 billion US dollars.

This surplus was driven by electric machine and equipment (HS 85) commodities reaching USD 287.5 million, clothes and accessories (craftshops) (HS 61) reaching USD 244.3 million, and clothes and accessories (not knitted) (HS 62) reached USD 187.3 million.

Meanwhile, India experienced a surplus of 1.23 billion US dollars but fell from the previous month which reached 1.46 billion US dollars.

This surplus is driven by mineral fuel (HS 27) reaching 553.1 million US dollars, animal/drug fat and oil (HS 15) reaching 227.6 million US dollars, and iron and steel (HS 72) reaching 208.6 million US dollars.

Then with the Philippines reaching USD 742.9 million, or an increase from the previous month which reached USD 694.8 million.

This surplus was driven by vehicles and parts (HS 87) USD 257.3 million, mineral fuel (HS 27) USD 255.9 million, and iron and steel (HS 72) amounting to USD 63 million.

Meanwhile, Indonesia recorded a trade balance deficit with China of US$1.70 billion, an increase from the previous month's deficit which reached US$682 million.

This deficit was contributed by machinery and mechanical equipment as well as its parts (HS 84) amounting to USD 1.52 billion, machinery and electrical equipment and parts (HS 85) amounting to USD 1.23 billion, and vehicles and parts (HS 82) amounting to USD 343 million.

Then with Australia recording a deficit of 602.8 million US dollars, or an increase from the previous month which reached 341 million US dollars.

This deficit was contributed by mineral fuel (HS 27) of 302.9 million US dollars, precious metals and jewelry/eyes (HS 71) of 188.5 million US dollars, as well as metal, terak, and ash (HS 26) of 121.5 million US dollars.

As well as Singapore recorded a deficit of US$402.5 million, down from the previous month's deficit which reached US$308.2 million.

This deficit was contributed by machinery and mechanical equipment as well as its parts (HS 84) amounting to 155.1 million US dollars, instrument optics, photography, cinematography, and medical equipment (HS 90) reaching 104.1 million US dollars, organic chemicals (HS 29) reached 85.8 million US dollars.