Trade Balance Surplus Strengthens External Balance Amid Global Weakening

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA - The Ministry of Finance (Kemenkeu) delivered an official statement regarding the increase in the trade balance surplus in the period June 2023.

According to the Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance, Febrio Kacaribu, last month's trade balance value rose to 3.45 billion US dollars from the previous 430 million US dollars in May 2023.

"Thus, Indonesia's total cumulative trade surplus from January to June 2023 reached 19.93 billion US dollars," he said in a written statement on Tuesday, July 18.

Febrio explained that the nick indicated that Indonesia's trade balance surplus had occurred for 38 consecutive months.

"Indonesia's trade balance performance, which continues to record a surplus, shows Indonesia's external balance position that remains strong amid the trend of weakening global growth, including moderate commodity prices," he stressed.

Febrio added that the development of global economic performance which shows a weakening trend will continue to be a concern for the government.

"We will monitor commodity prices that are still volatile so that the impact on the export rate can continue to be mitigated," he said.

As previously reported by VOI, the trade balance surplus in June 2023 was formed from a higher export value of 20.61 billion US dollars compared to imports worth 17.15 billion US dollars.