Surplus Trade Balance, Ministry Of Finance Reveals There Is An Opportunity To Get Additional Foreign Exchange

Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance Febrio Kacaribu. (Photo: Doc ANTARA)

Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance, Febrio Kacaribu, assessed that Indonesia's trade balance, which recorded a surplus in August 2024 of 2.90 billion US dollars, reflected Indonesia's ability to increase foreign exchange from various sources of income.

"That's good, we see an opportunity to get additional foreign exchange and this is a reflection of our increasingly diversified economy," he said after the 2025 State Budget Bill's Level I Meeting with the Budget Agency (Banggar) at the Parliamentary Complex of the Republic of Indonesia, Tuesday, September 17.

According to Febrio, the trade balance surplus is a positive achievement where the current global economic condition is still challenging plus the weakening of the economy in China.

"So we can record a surplus of that magnitude and the accumulation of surpluses is very good. For us to be able to see, it is the result of hard work for changes in our economic structure for higher added value. Not only for this year but also for the following years," he said.

For information, China's economy is weakening as reflected in the Purchasing Managers' Index (PMI) of China's Manufacturing 49.1 in August 2024, or down from July 2024 worth 49.4.

Meanwhile, the Central Statistics Agency (BPS) noted that Indonesia's trade balance recorded a surplus in August 2024 of US$2.90 billion, an increase of US$2.40 billion compared to the previous month.

Deputy for Distribution and Services of BPS Pudji Ismartini said that the trade balance surplus in August 2024 was driven by a surplus of non-oil and gas commodities of US$4.34 billion with commodities, mainly mineral fuels or HS 27, animal fats and oils. plant HS 15, and Iron and Steel HS 72.

"Thus, Indonesia's trade balance has recorded a surplus of 52 consecutive months since May 2020," he said at a press conference, Tuesday, September 17.

Pudji explained that the August 2024 surplus was higher than the July 2024 surplus, but it was still lower than the surplus in August 2023.

The non-oil and gas trade balance surplus in August 2024 is higher than the previous month, but lower than in August 2023.

Meanwhile, the oil and gas trade balance recorded a deficit of US$1.44 billion, with commodities contributing to the oil and gas trade balance deficit being the result of crude oil and oil.

"The oil and gas trade balance deficit in August 2024 is not as deep as the previous month but is still deeper than the same month last year," he explained.