Trade Balance Surplus Continues, This Is Bank Indonesia's Response

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JAKARTA - Bank Indonesia (BI) stated that the trade balance surplus that continued until July 2022 had contributed positively to maintaining the external resilience of the Indonesian economy.

Head of the BI Communications Department Erwin Haryono said that last month's good score came from the non-oil and gas trade balance surplus amid an increasing oil and gas trade balance deficit.

"The continued strong performance of non-oil and gas exports comes mainly from exports of natural resource-based commodities, such as mineral fuels including coal, CPO, as well as manufactured products, such as wood pulp, which have recorded an increase, supported by high global commodity prices," he said in a statement. written statement quoted Tuesday, August 16.

According to Erwin, in terms of destination countries, non-oil and gas exports to China, the United States and India remain strong. Meanwhile, non-oil and gas imports remained strong in all components, in line with continued improvement in the domestic economy.

"Meanwhile, the oil and gas trade balance deficit recorded an increase from 2.12 billion US dollars in June 2022 to 3.08 billion US dollars in July 2022, in line with the increase in oil and gas imports amid a decline in oil and gas exports," he said.

In general, Erwin explained that Indonesia's trade balance in July 2022 again recorded a surplus of 4.23 billion US dollars, although lower than the surplus in the previous month of 5.15 billion US dollars.

Furthermore, this positive performance has continued Indonesia's trade balance surplus since May 2020. Indonesia's trade balance in January-July 2022 as a whole recorded a surplus of 29.17 billion US dollars, much higher than the achievement in the same period in 2021 of 15.95 billion US dollars.

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