Superb! Indonesia’s Trade Balance Records 33 Months Consecutive Surplus

Indonesia's trade balance

Great news came from the trade sector. The Central Statistics Agency (BPS) noted that the January 2023 trade balance recorded a surplus of US$ 3.87 billion. This figure shows a surplus in the trade balance for 33 consecutive months.

Deputy for Production Statistics BPS Habibullah said that this surplus was contributed by exports which recorded US$ 22.31 billion, higher than imports of US$ 18.44 billion in January 2023.

Even though it recorded a surplus, this figure was far lower than in December 2022 which reached US$ 3.89 billion.

For the record, the export value in December 2022 reached US$ 23.83 billion, up 6.6% (yoy) but down 1.1% compared to November 2022 (month to month/mtm). Imports were recorded at US$ 19.94 billion, down 6.61% (yoy) but up 5.16% (mtm).

Furthermore, Habibullah explained that Indonesia’s trade balance surplus was mostly contributed by the United States, the Philippines, and India.

Indonesia’s trade with the United States recorded a surplus of US$1.174 billion, the largest in electrical machinery and equipment and its parts (HS 85) of US$291.2 million.

In addition, clothing and accessories (non-knitted) commodities amounted to US$182.4 million, and animal/vegetable fats and oils amounted to US$175 million.

The Philippines became the second largest contributor to the surplus, reaching US$909.2 million, with the largest surplus of mineral fuel from the Philippines reaching US$392.4 million.

The other highest surplus contributions came from the commodity vehicles and their parts amounting to US$235.1 million, and iron and steel amounting to US$47.3 million.

“The Philippines had a surplus of US$909.2 million, the largest in mineral fuel commodities with HS code 27, vehicles and parts with code HS 87, and iron and steel code HS 72,” he added.