Heaptalk, Jakarta — Indonesia’s Central Bureau of Statistics (BPS) recorded that Indonesia’s trade balance surplus reached US$3.48 billion in October 2023. This output increased slightly compared to the previous US$3.41 billion in September 2023.
According to the Deputy for Distribution and Services Statistics at BPS, Pudji Ismartini, Indonesia’s trade balance recorded the highest surplus for 42 consecutive months since 2020. This trade balance surplus was also driven by the export value being higher than the import value. The data shows that the export value reached US$22.15 billion, up 6.76% MoM, while the import value also attained US$18.67 billion, elevated 7.68% as of October 2023.
On the other hand, Indonesia’s trade balance surplus was supported by a surplus in non-oil and gas commodities, reaching US$5.31 billion. The driving factors of the surplus in the non-oil and gas group covered mineral fuels (HS 27), vegetable animal fats and oils (HS 15), and iron and steel (HS 72).
Furthermore, Indonesia’s BPS also revealed that the oil and gas cohort’s trade balance recorded a deficit of US$1.84 billion, with the commodities contributing to the deficit being crude oil and oil products. Cumulatively, Indonesia’s total trade balance surplus is US$31.22 billion from January to October 2023. However, this surplus has shrunk compared to the former at US$45.44 billion in the equivalent period in 2022.
Regarding the export performance of Indonesia’s trading partners, the BPS report explains that non-oil and gas exports with the most considerable value are still led by China, namely US$5.78 billion, India worth US$1.87 billion, the United States reaching US$1.82 billion as of October 2023.
These three countries have significantly contributed to Indonesia’s export activities, amounting to 45.63%. Meanwhile, Indonesia’s export activities to the ASEAN and European Union markets reached US$3.66 billion and US$1.26 billion, respectively. However, the value of Indonesian imports reached US$18.67 billion, down around 2.42% in October 2023, compared to the September period, which grew by 7.68%.
Responding to this report, the Head of the Fiscal Policy Agency (BKF) at the Ministry of Finance, Febrio Kacaribu, conveyed that this trade balance surplus reflects Indonesia’s resilience amidst global economic risks. He hopes that this trade performance can support Indonesia’s current account position, which will eventually contribute to strengthening the external sector and maintaining macroeconomic stability.
“Despite experiencing a decline, Indonesia’s trade balance, which was still in surplus this October, reflects Indonesia’s resilience amidst global risks that are still escalating,” Febrio concluded.
