Bank Indonesia: Trading Balance Surplus That Continues To Strengthen Economic Resilience

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) has delivered an official statement regarding Indonesia's trade balance in August 2022 which has again recorded a surplus of 5.76 billion US dollars.

Head of the BI Communications Department Erwin Haryono said that the score was higher than the surplus in the previous month of 4.22 billion US dollars. According to Erwin, this moncer performance has continued Indonesia's trade balance surplus since May 2020.

"Bank Indonesia views that the trade balance surplus has contributed positively to maintaining the external resilience of the Indonesian economy," he said in a written statement quoted on Friday, September 16.

Erwin added, cumulatively Indonesia's trade balance in January-August 2022 recorded a surplus of 34.92 billion US dollars. This figure is much higher than the achievement in the same period 2021 of 20.71 billion US dollars.

"In the future, Bank Indonesia will continue to strengthen policy synergies with the government and relevant policy authorities to increase external resilience and support the national economic recovery," he stressed.

Furthermore, Erwin detailed the surplus in August 2022 sourced from an increase in the trade balance surplus for non-oil and gas amid the decline in the oil and gas trade balance deficit.

The increasing performance of non-oil and gas exports mainly comes from exports of natural resources-based commodities, such as CPOs supported by strengthening government policies including the extension of CPO export levies and global commodity prices which are still high.

"From the destination countries, non-oil and gas exports to China, the United States, and India have shown an increase," he said.

The non-oil and gas imports increased in almost all components, in line with the continued improvements to the domestic economy.

Meanwhile, the oil and gas trade balance deficit recorded a decline from US$3.09 billion in July 2022 to US$1.98 billion in August 2022, in line with the increase in oil and gas exports and the decline in oil and gas imports.