Bank Indonesia: Trade Balance Surplus That CONTINUES To Strengthen National Economic Resilience

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) stated that Indonesia's trade balance in November 2022, which again recorded a surplus of 5.16 billion US dollars, had a positive impact on the economy.

Head of the BI Communication Department Erwin Haryono said the score had continued Indonesia's trade balance surplus since May 2020.

"With these developments, Indonesia's trade balance in January-November 2022 overall recorded a surplus of 50.59 billion US dollars," he said in an official statement quoted on Friday, December 16.

According to Erwin, the results were also recorded significantly higher than the achievements in the same period in the 2021 period of 34.41 billion US dollars.

"Bank Indonesia views that the trade balance surplus has contributed positively to maintaining the external resilience of the Indonesian economy," said Erwin.

He also said that the trade balance in November 2022 came from the continuation of the non-oil and gas trade balance surplus and the improvement of the oil and gas trade balance deficit.

Erwin said, in November 2022 the non-oil and gas trade balance surplus was recorded at 6.83 billion US dollars, slightly lower than the surplus in the previous month of 7.67 billion US dollars.

"This development is supported by the strong performance of non-oil and gas exports, which were recorded at 22.99 billion US dollars," he added.

Erwin added that the strong performance of non-oil and gas exports was mainly sourced from exports of manufactured products, such as precious metals and jewelry, as well as clothing and accessories, which were recorded to increase.

In addition, natural resource-based commodity exports, such as CPO, mineral fuels including coal are maintained, supported by strengthening government policies and global commodity prices that are still high.

Meanwhile, the oil and gas trade balance deficit recorded a decline from 2.08 billion US dollars in October 2022 to 1.67 billion US dollars in November 2022, in line with a deeper decline in oil and gas imports compared to oil and gas exports.

"In the future, Bank Indonesia will continue to strengthen policy synergies with the Government and policy authorities in order to further increase external resilience and support national economic recovery," Erwin concluded.