Indonesia's Trade Surplus Contributor Country And Deficit: Here's The Retail

The Country Contributing to the Surplus and the Indonesian Trade Deficit (image of Natanael Ginting - Freepik)

YOGYAKARTA - Indonesia's trade balance for the November 2023 period recorded a surplus of USD 2.41 billion, this was conveyed directly by Zulkifli Hasan as Minister of Trade (Mendag). This period surplus consists of a non-oil and gas surplus of USD 4.62 billion and an oil and gas deficit of USD 2.21 billion. He also said that the November 2023 surplus continued the surplus trend from the previous months. Curious about the country contributing to Indonesia's surplus and trade deficit?

The surplus for the November 2023 period was recorded at USD 2.41 billion. The November 2023 surplus was contributed by non-oil and gas areas with a surplus of USD 4.62 billion and oil and gas with a deficit of USD 2.21 billion. The November 2023 surplus continued the surplus trend as in previous months," said the Trade Minister in his statement, Monday (18/12/2023).

Launching from the website of the Ministry of Trade.go.id, Trade Minister Zulkifli Hasan explained, based on trading partner countries, Indonesia's trade balance surplus in November 2023 took place with several countries. Among them, with India which was recorded at USD 1.54 billion, the United States (US) USD 1.03 billion, and the Philippines USD 0.80 billion.

On the other hand, the country that contributed the most trade deficit in November 2023 was Singapore with USD 0.88 billion, Australia USD 0.53 billion, and Thailand USD 0.18 billion. Cumulatively, Trade Minister Zulkifli Hasan said Indonesia's trade balance for the January-November 2023 period recorded a surplus of USD 33.63 billion.

The surplus was contributed by a surplus in the non-oil and gas area of USD 51.64 billion and a deficit in the oil and gas zone of USD 18.01 billion.

"The trade surplus for the November 2023 period supports Indonesia's trade surplus for the January-November 2023 period to USD 33.63 billion," said Trade Minister Zulkifli Hasan.

The Performance Of Non-Oil And Gas Exports To The United Arab Emirates Increases

In terms of exports, Indonesia's export value in November 2023 reached USD 22 billion, down by 0.67 percent compared to September 2023 (MoM). This export shrinkage was driven by a decrease in non-oil and gas exports by 0.29 percent and oil and gas exports by 6.38 percent MoM.

Export shrinkage in November 2023 takes place in almost all sectors except mining which is still up 0.27 percent MoM. The oil and gas zone is the zone that dropped the deepest by 6.38 percent, accompanied by exports of the agricultural zone which decreased by 0.82 percent and the manufacturing industry zone which fell by 0.43 percent MoM.

In November 2023, some of the main non-oil and gas products whose exports fell, including the dregs/remains of the food industry (HS 23) which fell 27.80 percent; nickel and goods from it (HS 75) fell 17.16 percent; copper and goods from it (HS 74) fell 16.91 percent; inorganic chemicals (HS 28) fell 15.24 percent; and coffee, tea, and spices (HS 09) fell 11.19 percent MoM.

However, in the midst of the export shrinkage, there are some of the main non-oil and gas products whose exports have increased. These products include tin and goods from them (HS 80) which rose 41.09 percent; iron and steel goods (HS 73) rose 19.83 percent; precious metals, jewelry/eyes (HS 71) rose 10, 05 percent; clothing and accessories (not knitted) (HS 62) rose 9.16 percent; and clothing and accessories (craftshops) (HS 61) rose 9.13 percent MoM.

Export Destination Country

The main country for Indonesia's non-oil and gas export destinations in November 2023, namely China with an export value of 5.41 billion USD (down 6.44 percent), India USD 2.01 billion (up 7.03 percent), and USD 1.94 billion (up 6.45 percent MoM).

Judging from the export shrinkage, part of Indonesia's main non-oil and gas export destination market with the most shrinkages including Spain, which fell 57.01 percent, Turkey fell 49.18 percent, the Russian Federation fell 20.80 percent, Hong Kong fell 19.26 percent, and Pakistan fell 15.28 percent MoM.

On the other hand, trading partner countries with Indonesia's highest increase in non-oil and gas exports include Switzerland, which rose 32.10 percent, South Korea rose 30.95 percent, the Netherlands rose 18.26 percent, Germany rose 17.82 percent, and Malaysia rose 13.97 percent MoM.

Exports To Up Trade Partners

Trade Minister Zulkifli Hasan also said, in November 2023, the United Arab Emirates (PEA) was one of Indonesia's trading partner countries with an increase in non-oil and gas exports by 2.73 percent of MoM.

He considered that the increase in exports was possible after the implementation of the Indonesia-United Arab Emirates Comprehensive Economic Partnership Agreement (IUAE-CEPA).

"The increase in Indonesia's non-oil and gas exports to PEA occurred after the implementation of the IUAE-CEPA on September 1, 2023. Several of Indonesia's non-oil and gas export products to PEA increased in November 2023, including animal/vegetable fats and oil (HS 15), machinery and electrical equipment and parts (HS 85), paper, cardboard and goods from it (HS 48), and vehicles and their parts (HS 87)," said Trade Minister Zulkifli Hasan.

Judging from its region, the largest weakening of exports occurred in parts of areas such as West Asia, which fell 66.45 percent, South Europe fell 32.76 percent, and Northern Europe fell 32.69 percent MoM. On the other hand, the highest export development occurred in several areas such as North Africa, which rose 58.42 percent, Central America rose 48.64 percent, and Western Europe rose 23.35 percent MoM.

Cumulatively, Indonesia's export value during January-November 2023 was USD 236.41 billion, down 11.83 percent compared to the same period last year (YoY). The cumulative decline in export value was due to a decrease in non-oil and gas exports by 12.47 percent and a decrease in oil and gas exports by 0.67 percent YoY.

Meanwhile, the Neraca Transaction Is Running For The Republic of Indonesia, Predicted By A Deficit In 2023, we also wrote down several reasons.

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