JAKARTA - The Ministry of Trade (Kemendag) projects that Indonesia's trade balance will be in a surplus of up to 30 billion US dollars by the end of 2021. This figure will be the largest surplus in the history of the country.
"If the figures (trade balance) are consistent, then in the last quarter it will reach 30 billion US dollars for the first time in history," said Trade Minister M Lutfi during the 2021 National Retail Day Celebration, Thursday 11 November.
Lutfi said that Indonesia's trade balance surplus was US$25.07 billion during January-September 2021. The figure increased from the surplus in the same period the previous year, which was US$13.35 billion.
"The potential increase in the trade balance surplus is driven by a surge in the prices of a number of commodities. There is a super cycle of commodity prices. This year we will get the largest surplus in history," said Lutfi.
If the trade balance is in surplus, it will be a positive impetus for national economic growth. This is because exports and imports are components of the expenditure group that make up gross domestic product (GDP).
However, Lutfi said the economy does not only depend on exports and imports. There are several other expenditure components that make up GDP, namely household consumption, government consumption, and investment.
"In order for the national economy to be strong, we must not be careless in dealing with COVID-19," explained Lutfi.
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