Indonesia’s post-pandemic recovery is achieving significant milestones, with the nation’s trade balance notching a historic surplus of US$3.48 billion in October 2023. This surplus represents an uninterrupted 42-month streak, dating back to May 2020.
Pudji Ismartini, the Deputy for Distribution and Service Statistics at BPS, highlighted that the October 2023 trade surplus saw an increase of US$0.07 billion compared to the preceding month, reaching a total of US$3.42 billion.
“In October 2023, the surplus increased compared to the previous month [mtm], although it is lower compared to the same month last year [yoy],” she conveyed during a press conference on Monday (15/11/2023).
The trade surplus for October 2023 is predominantly bolstered by non-oil and gas commodities, amounting to US$5.31 billion. Essential contributors to this surplus include mineral fuels HS 27, animal/vegetable fats and oils HS 15, along with iron and steel HS 72.
Simultaneously, there is a deficit in the trade balance for oil and gas commodities, totaling US$1.84 billion, with crude oil and oil products being the primary contributors to this deficit.
Cumulatively, up until October 2023, the overall surplus in Indonesia’s trade balance has reached US$31.22 billion. According to Ismartini, this figure is lower compared to the cumulative total from January to October 2022, which amounted to US$45.44 billion.
“The cumulative trade surplus until September 2023 [January-September 2023] is US$14.22 billion lower compared to the same period last year,” she expounded.
The sustained trade surplus in Indonesia holds paramount importance for the nation’s economic well-being and recovery. As Indonesia continues to grapple with the aftermath of the pandemic, the surplus serves as a robust pillar supporting the country’s economic resilience and growth.
In conclusion, Indonesia’s sustained trade surplus is more than a numerical feat; it is a critical driver of economic prosperity. As the nation charts its course toward recovery, the surplus stands as a testament to Indonesia’s resilience and competitiveness in the international economic landscape, painting a promising picture for its future.