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Indonesia hangs on to trade surplus despite further drop in exports
Indonesia’s exports have exceeded imports for 39 consecutive months, but July trade data show a much narrower surplus than in the previous month.
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Containers are loaded on Dec. 18, 2018, at Tanjung Priok Port in North Jakarta. (Antara/Sigid Kurniawan)
Indonesia has posted a trade surplus for the 39th consecutive month despite a drop in exports and a monthly rise in imports.
Figures presented by Statistics Indonesia (BPS) official Amalia Adininggar Widyasanti on Tuesday show that Indonesia’s trade surplus sank to US$1.31 billion in July from $3.45 billion recorded in the preceding month.
“Indonesia’s trade balance has recorded a surplus for 39 months in a row since May 2020,” Amalia said in a press briefing held on Tuesday in Jakarta.
July’s surplus marks a $2.14 billion drop in monthly terms and a decrease of $2.82 billion year-on-year (yoy).
BPS noted that exports tanked 18.03 percent yoy, falling from the $25.47 billion recorded in July 2022 to $20.88 billion in July 2023. But this number grew by 1.36 percent month-to-month (mtm) from June’s reading of $20.60 billion.
The value of non-oil and gas (NOG) exports rose by 1.62 percent to $19.65 billion from $19.34 billion in June, while oil and gas exports slid 2.61 percent from June’s $1.26 billion to $1.23 billion in July.
Overseas sales of coal and palm oil, as well as iron and steel, which comprise more than 35 percent of NOG exports, dragged down the overall figure, as prices and volumes tumbled, except for iron and steel, which grew by 1.6 percent mtm and 11.71 percent yoy.
