Bank Indonesia Welcomes Positive Trade Balance Surplus 440 Million Dollars

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) responded regarding the report from the Central Statistics Agency (BPS) which stated that in May 2023 there was a surplus of 440 million US dollars.

Head of the BI Communications Department Erwin Haryono said that the result was lower than the April 2023 surplus of US$3.94 billion.

"Bank Indonesia views this development as positive for efforts to continue to maintain the external resilience of the Indonesian economy," he said in a written statement quoted on Friday, June 16.

It was stated that the trade balance surplus in May 2023 was mainly driven by a non-oil and gas trade balance surplus. Meanwhile, the oil and gas trade balance recorded a deficit of 1.82 billion US dollars.

Erwin said the non-oil and gas trade balance surplus was recorded at 2.26 billion US dollars, a decrease compared to the previous month's non-oil and gas surplus of 5.63 billion US dollars.

"This is in line with the increase in non-oil and gas exports amidst the increase in non-oil and gas imports," he said.

Erwin added that the increased non-oil and gas exports mainly came from increasing exports of manufactured products, such as vehicles, machinery and mechanical equipment, as well as electric machinery and equipment.

Non-oil and gas exports of natural resources-based commodities such as CPO are also recorded to increase as global commodity prices are still high.

Based on destination countries, non-oil and gas exports to China, the United States, and Japan are the main contributors to Indonesia's total exports.

Meanwhile, non-oil and gas imports recorded an increase in almost all categories of goods in line with the increasing economic activity.

"In the future, Bank Indonesia will continue to strengthen policy synergies with the government and other authorities to continue to improve external resilience and support national economic recovery," Erwin concluded.