Indonesia’s trade balance recorded a very satisfactory result. Although the national import grew high in July 2022, the export figure was recorded higher. Therefore, Indonesia’s trade balance still recorded a surplus during the global crisis and the threat of a recession.
On Monday (15/8/2022), Deputy Head of the Central Statistics Agency (BPS) for Distribution and Service Statistics, Setianto announced last month’s import value of US$ 21.35 billion. It grew 39.86% compared to the same period the previous year (year-on-year/YoY).
Previously, Setianto reported that the export value in July 2022 was US$ 25.57 billion. Thus, Indonesia still posted a trade balance surplus of US$ 4.22 billion.
Indonesia’s trade balance has always recorded a surplus for 27 consecutive months. The last time there was a trade balance deficit was in April 2020.
For the record, market consensus expects imports to rise 31.02% YoY. Meanwhile, the Reuters version of the consensus estimates imports to grow 37.3% YoY.
The decline in exports every month continued by Setianto was due to the decline in non-oil and gas exports, supported by exports of iron and steel which fell 11.51%, tin fell 54%, and nickel fell 15.53 percent.
Meanwhile, the import value in July 2022 was US$ 21.35 billion. In percentage terms, it increased 1.64% compared to last month.
“If we compare it with the same period with the last period in July 2022 with July 2021. In total, our imports are US$ 21.35 billion, this is an increase of 39.86 percent compared to July 2021 on a YoY basis, which is US$ 15.26 billion.
That way, the value of exports in July 2022 will still be higher than imports. Thus, Indonesia’s trade surplus in July reached US$ 4.22 billion. This means that Indonesia has experienced a trade balance surplus for 27 consecutive months.
Indonesia’s Trade Balance Surplus Data:
January 2021 surplus of US$ 2 billion
February 2021 surplus of US$ 2.01 billion
March 2021 surplus of US$1.57 billion
April 2021 surplus of US$ 2.19 billion
May 2021 surplus of US$ 2.36 billion
June 2021 surplus of US$ 1.23 billion
July 2021 surplus of US$ 2.59 billion
August 2021 surplus of US$ 4.74 billion
September 2021 surplus of US$ 4.37 billion
October 2021 surplus of US$ 4.3 billion
November 2021 surplus of US$ 3.51 billion
December 2021 surplus of US$ 1.02 billion
January 2022 surplus of US$ 0.93 billion
February 2022 surplus of US$ 3.82 billion
March 2022 surplus of US$ 4.53 billion
April 2022 surplus of US$ 7.56 billion
May 2022 surplus of US$ 2.9 billion
June 2022 surplus of US$ 5 billion
July 2022 surplus of US $ 4.22 billion.
