BI: Positive Trade Balance Surplus Strengthens National Economic Resilience

JAKARTA - Bank Indonesia (BI) views the trade balance surplus in August 2024 as positive to strengthen the external resilience of the Indonesian economy further.

Based on data from the Central Statistics Agency (BPS), Indonesia's trade balance surplus in August 2024 amounted to 2.90 billion US dollars, an increase compared to the surplus in July 2024 of 0.50 billion US dollars.

"The higher trade balance surplus is mainly sourced from an increase in the surplus of non-oil and gas trade balance," said Head of the BI Communications Department Erwin Haryono, in Jakarta, quoted from Antara, Wednesday, September 18.

In the future, BI will continue to strengthen policy synergies with the Government and other authorities, in order to continue to increase external resilience and support sustainable national economic growth.

The non-oil and gas trade balance in August 2024 recorded a surplus of 4.34 billion US dollars in line with rising non-oil and gas exports of 22.36 billion US dollars.

The positive performance of non-oil and gas exports is supported by exports of natural resource-based commodities, such as animal/drug fats and oils (CPO), metal ore, tarak, and ash as well as exports of manufacturing products such as machinery and electrical equipment, mechanical equipment, as well as vehicles and parts.

Based on destination countries, non-oil and gas exports to China, the United States, and India remain the main contributors to Indonesia's exports.

The oil and gas trade balance deficit recorded a decline of US$1.44 billion in August 2024 in line with the decline in oil and gas imports which was greater than the decline in oil and gas exports.