BI Values Positive Trade Balance Surplus In September 2024

JAKARTA - The Central Statistics Agency (BPS) recorded a surplus of Indonesia's trade balance in September 2024 to reach USD 3.26 billion, an increase compared to the surplus in August 2024 of USD 2.78 billion.

Executive Director of the Communication Department of Bank Indonesia, Ramdan Denny Prakoso, said that his party views the trade balance surplus as positive to support the external resilience of the Indonesian economy further.

"In the future, Bank Indonesia will continue to strengthen policy synergies with the Government and other authorities to increase external resilience and support sustainable national economic growth," he said in his statement, Wednesday, October 16.

Ramdan conveyed that the increase in the trade balance surplus was mainly sourced from an increase in the non-oil and gas trade balance surplus.

Meanwhile, the non-oil and gas trade balance in September 2024 recorded a surplus of 4.62 billion US dollars supported by strong non-oil and gas exports reaching 20.91 billion US dollars.

Ramdan said that the positive performance of non-oil and gas exports was supported by exports of manufactured products and exports of natural resources-based commodities, such as iron and steel, mineral fuel (coal), and nickel.

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.

Ramdan said that the oil and gas trade balance deficit recorded a decline of US$1.36 billion in September 2024 in line with the decline in oil and gas imports which was greater than the decline in oil and gas exports.