BI: Trade Balance Surplus Comes from Good Non-Oil and Gas Trade

Logo Bank Indonesia. (ANTARA/HO-BI)

JAKARTA - Based on data from the Central Statistics Agency (BPS), Indonesia's trade balance surplus continued in February 2024 at 0.87 billion US dollars, lower than the surplus in January 2024 of 2 billion US dollars.

Based on this, Bank Indonesia (BI) assesses that the trade balance surplus that will continue in February 2024 will further support the external resilience of the Indonesian economy.

"The continuing trade balance surplus in February 2024 comes mainly from the non-oil and gas trade balance surplus which remains good," said Head of the BI Communications Department Erwin Haryono in Jakarta, quoted from ANTARA, Saturday, March 16.

Erwin said that going forward, Bank Indonesia will continue to strengthen policy synergies with the Government and other authorities to continue to maintain external resilience and support national economic recovery.

The non-oil and gas trade balance in February 2024 recorded a surplus of 2.63 billion US dollars, in line with the continued strength of non-oil and gas exports which reached 18.09 billion US dollars.

The positive performance of non-oil and gas exports was supported by strong exports of natural resource-based commodities such as metal ore, slag, ash and mineral fuels, and supported by manufactured products such as vehicles and their parts.

Based on destination country, non-oil and gas exports to China, the United States and India remain the main contributors to Indonesia's exports.

Meanwhile, non-oil and gas imports remained strong in line with continued improvements in economic activity. The oil and gas trade balance deficit was recorded to increase to reach 1.76 billion US dollars in February 2024 in line with an increase in oil and gas imports and a decrease in oil and gas exports.