Despite The UP-Scale Imports, Indonesia's Trade Balance Surplus 54.4 Billion US Dollars In 2022

Illustration (Photo: Doc. Ministry of Finance)

Head of the Central Statistics Agency (BPS) Margo Yuwono said that Indonesia managed to score a trade balance surplus of US$54.4 billion throughout the 2022 period.

According to him, the book was obtained from a higher export value of US$291.9 billion compared to imports worth US$237.5 billion.

"This positive result is supported by the non-oil and gas trade balance which has a surplus while the oil and gas trade balance is experiencing a deficit," he said during a press conference on Monday, January 16.

Margo explained that Indonesia's trade balance in December 2022 experienced a surplus of 3.8 billion US dollars.

The surplus obtained from non-oil and gas trade transactions is actually higher, which is 5.6 billion US dollars, but is induced by the trade deficit in the oil and gas sector of 1.72 billion US dollars.

Furthermore, during January to December 2022, although the oil and gas sector experienced a deficit of US$24.39 billion, there was still a surplus in the non-oil and gas sector of US$78.85 billion.

"Indonesia's trade balance until December 2022 has been in surplus for 32 consecutive months or since May 2022," he said.

Margo added, there are three main countries that contributed to Indonesia's surplus, namely the United States, India, and the Philippines. He detailed that the trade balance between Indonesia and America experienced a surplus of 18.8 billion US dollars.

Then with India, Indonesia managed to record a surplus of 16.1 billion US dollars. Then, with neighboring ASEAN successfully printing a surplus worth 11.4 billion US dollars.

"On the other hand, the three largest deficit contributor countries during 2022, namely Australia, amounting to minus 6 billion US dollars, Thailand minus 3.9 billion US dollars, and China amounting to 3.6 billion US dollars," said Margo.