JAKARTA - Bank Indonesia (BI) positively welcomed the release of the Central Statistics Agency (BPS) which stated that there was a trade balance surplus of USD 3.83 billion in February 2022. The book extended the same record since May 2020 or for 22 consecutive months.
Head of the BI Communications Department Erwin Haryono said that his party's trade surplus trend had contributed positively to maintaining the external resilience of the Indonesian economy.
"Bank Indonesia continues to strengthen policy synergies with the government and relevant policy authorities to increase external resilience and support national economic recovery," he said in a press release today, Tuesday, March 15.
According to Erwin, the brilliant achievement at the beginning of this year stemmed from an increase in the non-oil and gas trade balance surplus in the midst of an increasing oil and gas trade balance deficit.
He said, in February 2022 the non-oil and gas trade balance surplus reached 5.73 billion US dollars, higher than the surplus in the previous month of 2.29 billion US dollars.
VOIR éGALEMENT:
This positive development was supported by the increase in non-oil and gas exports from 18.27 billion US dollars in January 2022 to 19.47 billion US dollars in February 2022.
"The increase in non-oil and gas export performance was influenced by exports of natural resource-based commodities, such as coal, precious metals, and tin, as well as manufacturing products, including various chemical products, which improved," he said.
In terms of destination countries, continued Erwin, non-oil and gas exports to China, the United States, and Japan remained high in line with the recovery in global demand.
"Non-oil and gas imports are still strong in all components, in line with the continued improvement in the domestic economy," he stressed.
Meanwhile, the oil and gas trade balance deficit increased from 1.33 billion US dollars in January 2022 to 1.91 billion US dollars in February 2022, in line with the increase in oil and gas imports which were higher than oil and gas exports.
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