Trade balance surplus supports external economic resilience: Bank Indonesia

Jakarta, The Gulf Observer: Executive Director of the Communications Department of Bank Indonesia (BI) Erwin Haryono stated that the trade balance surplus in September 2023 was able to support external resilience of the Indonesian economy.

Indonesia’s trade balance surplus continued in September 2023 at US$3.42 billion, higher than the surplus of US$3.12 billion in August 2023.

“Bank Indonesia views this development as positive for further supporting the external resilience of the Indonesian economy,” Haryono noted in an official statement here on Tuesday.

Haryono said that in future, BI will continue to strengthen policy synergies with the government and other authorities to continue to increase external resilience and support national economic recovery.

The trade balance surplus in September 2023 mainly comes from the continued non-oil and gas trade balance surplus.

The non-oil and gas trade balance surplus reached US$5.34 billion, an increase as compared to the achievement of US$4.46 billion in the previous month.

This positive performance was supported by the continued strength of non-oil and gas exports, especially iron and steel, precious metal products and jewelry, as well as nickel commodities.

Based on the destination country, non-oil and gas exports to China, the United States, and India remain the main contributors to Indonesia’s exports. Meanwhile, non-oil and gas imports remained strong in line with the continued recovery in economic activity.

The oil and gas trade balance deficit was recorded to increase to US$1.92 billion in September 2023, in line with the increase in crude oil imports and oil output that was higher than the increase in crude oil exports.