Indonesia Maintains 44 Consecutive Months of Trade Surpluses: BPS

Jakarta, The Gulf Observer: In December 2023, Indonesia reported a noteworthy trade surplus of US$3.31 billion, as revealed by Statistics Indonesia (BPS). This achievement marks the 44th consecutive month of trade surpluses for the nation, a trend that has persisted since May 2020. The consistent surplus reflects Indonesia’s robust economic resilience and effective trade management strategies, contributing to the nation’s overall economic stability and demonstrating its prowess in navigating global trade dynamics.

“Thus, Indonesia has been enjoying surpluses in trade balance for 44 months consecutively since May of 2020,” BPS’ Deputy for Distribution and Service Statistics, Pudji Ismartini, remarked at the Official Statistics News in Jakarta on Monday.

Ismartini noted that in December 2023, Indonesia had enjoyed trade surpluses with India, the United States, and the Philippines, adding that the total surplus, however, was lower as compared to US$3.92 billion recorded in December 2022.

She pointed out that non-oil and non-gas commodities had been the most significant contributors to the December 2023 surplus, with mineral fuels, vegetable and animal fats, iron, and steel being the main commodities.

Meanwhile, the trade balance of oil and gas commodities experienced a deficit of US$1.89 billion, with the main commodities being oil and crude oil.

“The deficit in oil and gas trade in December 2023 stood lower than the previous month but higher than the figure recorded in December 2022,” she stated.

Cumulatively, the total value of Indonesia’s trade surplus during the January-December 2023 period was at US$36.93 billion, a decline of 33.46 percent, or about US$17.52 billion, as compared to that during the same period in 2022.

She said that based on data for the 2013-2023 period, Indonesia has been enjoying consecutive surpluses in trade in goods for the last four years, with the highest figure recorded in 2022.

Meanwhile, the total value gained from exports in December 2023 had reached US$22.41 billion, thereby translating to an increase of 1.89 percent as compared to November last year.

In terms of imports, Indonesia recorded a total value of US$19.11 billion in December 2023.