BI Convinced BI's Continuing Trade Balance Surplus Strengthens Economic Resilience

Photo Illustration ANTARA

JAKARTA - Bank Indonesia (BI) positively welcomed the record trade surplus in May 2022 called the Central Statistics Agency (BPS) of 7.56 billion dollars.

Head of the BI Communications Department Erwin Haryono said that this achievement also continued the surplus trend since May 2020.

"Bank Indonesia views that the trade balance surplus has contributed positively in maintaining the external resilience of the Indonesian economy," he said in a written statement quoted on Thursday, June 16.

According to Erwin, last month's trade balance surplus came from the non-oil and gas trade balance of USD 4.75 billion, lower than the surplus in April 2022 of USD 9.95 billion.

This development was supported by non-oil and gas exports which remained strong at USD 20.01 billion in May 2022, although lower than the achievement in the previous month of USD 25.89 billion.

"The positive performance of non-oil and gas exports comes mainly from exports of natural resource-based commodities, such as nickel and copper, supported by high global prices," he said.

In terms of destination countries, non-oil and gas exports to China, the United States and Japan remained strong. Meanwhile, imports of non-oil and gas are still strong in all components, in line with the continued improvement in the domestic economy.

Meanwhile, the oil and gas trade balance deficit recorded a decline from 2.38 billion US dollars in April 2022 to 1.86 billion US dollars in May 2022, in line with the increase in oil and gas exports amid a decline in oil and gas imports.

"Going forward, Bank Indonesia will continue to strengthen policy synergies with the Government and relevant policy authorities to increase external resilience and support national economic recovery," Erwin concluded.