Trade Balance Surplus July 2024 Only 0.47 Billion US Dollars

Acting (Plt) Head of BPS Amalia Adininggar Widyasanti. (Photo: Screenshot)

JAKARTA - The Central Statistics Agency (BPS) recorded Indonesia's trade balance in July 2024 of US$0.47 billion.

This surplus also makes Indonesia's trade balance a surplus of 51 consecutive months.

Acting (Plt) Head of BPS Amalia Adininggar Widyasanti explained, with this realization, Indonesia's trade balance recorded a surplus in 51 months since May 2020.

"In July 2024 the trade balance of goods recorded a surplus of 0.47 billion US dollars or a decrease of 1.92 billion US dollars on a monthly basis. The July 2024 surplus is lower than the previous month or compared to the same month the previous year," he said at a press conference, Thursday, August 15.

He explained that the trade balance surplus in July 2024 was supported by a trade surplus of non-oil and gas commodities worth US$2.16 billion.

Amalia said that the main commodities contributing to the non-oil and gas surplus were mineral fuels, especially coal that were included in (HS 27).

Then driven by vegetable fats and oils (HS 15), the majority of which are crude palm oil (CPO), as well as iron and steel (HS 72).

The non-oil and gas trade balance surplus in July 2024 is lower than last month and the same month last year.

Meanwhile, the oil and gas trade balance recorded a deficit of 2.13 percent, with a deficit increasing from the previous month of 2.04 percent.

Amalia said that the commodities contributing to the oil and gas trade balance deficit were the products of crude oil and oil.

"The oil and gas trade balance deficit in July 2024 is deeper than the previous month or the same month last year," he explained.

He stated that Indonesia's trade balance in July 2024 was still in surplus due to the higher export value compared to the import value.

Indonesia's export value was recorded at 22.21 billion US dollars, or an increase of 6.55 percent compared to the previous month.

Meanwhile, Indonesia's import value was recorded at 21.74 billion US dollars, or an increase of 17.82 percent compared to the previous month.