Indonesia Achieves 35 Consecutive Months of Trade Balance Surplus

Trade Balance

Indonesia has once again achieved a noteworthy accomplishment in its trade industry. According to the latest release, Indonesia’s trade balance has recorded a surplus for 35 consecutive months until March 2023. The surplus of trade balance in March 2023 reached US$2.91 billion.

BPS Deputy of Methodology and Statistical Information, Imam Machdi, said that the trade balance surplus was obtained from the value of exports which reached US$23.5 billion and imports which reached US$20.59 billion.

“In the last three years, the highest month-to-month export growth was in March. However, export growth in March 2023 is much lower compared to 2022 and 2021,” he said in a press conference on Monday (17/4/2023).

Imam said that the total value of Indonesia’s exports in March 2023 reached US$23.5 billion, an increase of 9.89 percent compared to the previous month (month-to-month/mtm).

Annually, Imam said that the value of exports in March 2023 contracted by 11.3 percent (year-on-year/yoy).

When broken down, oil and gas exports still recorded high growth of 4.76 percent yoy, while non-oil and gas exports grew by 11.70 percent yoy.

“Although monthly export value has increased, export performance has significantly declined in March 2023,” he explained.

The value of Indonesia’s imports in March 2023 reached US$20.59 billion, an increase of 29.33 percent compared to February 2023 (mtm). However, this realization decreased by 6.26 percent compared to March 2022 (yoy).

According to the usage category of goods, the value of imports from January to March 2023 compared to the same period last year increased for capital goods at US$896.5 million (10.50 percent) and consumer goods at US$125.5 million (2.73 percent). However, raw materials/auxiliaries decreased by US$2,884.0 million (6.60 percent).

In summary, Indonesia has managed to maintain its trade balance surplus for 35 consecutive months until March 2023, with a surplus of US$2.91 billion. Although there has been an increase in the value of exports and imports, there has been a decline in export performance in March 2023.

Additionally, while oil and gas exports recorded high growth, non-oil and gas exports experienced a contraction in value. On the other hand, imports for capital goods and consumer goods increased, while raw materials/auxiliaries decreased in value.