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View all search resultsRI reverses trade deficit with tiny July surplus
Indonesia has restored its trade balance to a small surplus in July thanks to surging outbound shipments of crude palm oil and coal.
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Containers are loaded onto ships at the Belawan New Container Terminal (BNCT) in Medan, North Sumatra, located in the Malacca Strait. BNCT has been developed and operated through a partnership between the INA, Pelindo and DP World.
I
ndonesia achieved a small trade surplus in July, rebounding from deficits seen in the two preceding months, thanks to surging outbound shipments of the country’s main export commodities.
Statistics Indonesia (BPS) revealed in a press conference on Tuesday that the country’s exports exceeded imports by US$120 million in July, restoring a positive trade surplus Indonesia had enjoyed for years.
BPS official Hartono Ateng attributed the surplus to Indonesia’s main export categories, namely animal and vegetable oils, as well as iron and steel, and mineral fuels.
The first of those is mainly crude palm oil (CPO), while exported mineral fuels are dominated by coal.
The archipelago had enjoyed an uninterrupted streak of monthly trade surpluses from early 2020 until May, when a dramatic surge in oil and gas prices due to conflict in the Middle East caused a $1.6 billion deficit in Indonesia’s trade with the rest of the world. The deficit narrowed to $450 million in June.
Despite the recovery, the July surplus is small when compared to the multibillion dollar surpluses the country enjoyed oftentimes in the past years.
As a net oil importer, rising global oil prices affect the country’s trade account significantly, and its indirect impact of making imported goods more expensive due to costlier production and logistics also took its toll.
