Home » Indonesia Foresees Consecutive Trade Balance Surpluses Since May 2020

Indonesia Foresees Consecutive Trade Balance Surpluses Since May 2020

Anasya Dufana
09:00, 19 Apr 2023

According to Bank Indonesia (BI), Indonesia’s trade balance has been in surplus since May 2020. The trade balance surplus in March 2023 was USD 2.91 billion, or around IDR 43.2 trillion, according to BPS (Central Bureau of Indonesia Statistics) Statistics Indonesia (BPS) and BI Director of Communications Erwin Haryono.

However, the surplus was less than half of as much as it had been in February when it had totalled USD 5.46 billion or IDR 81.2 trillion. Erwin stated that non-oil and gas commodities continued to be the key driver of March’s trade balance surplus.

Indonesia trade surplus on March 2023 — Source ipotnews.com

Check out more information about Indonesia economice situation here

According to BPS statistics, the United States (USD 1.17 billion), the Philippines (USD 909 million), and India (USD 810.5 million) were the three nations in which Indonesia had the largest surplus in January. The largest deficits for Indonesia were with Thailand (USD 398.8 million), Australia (USD 353.1 million), and Argentina (USD 247.1 million). Indonesia also saw a USD 1.42 billion surplus in its overall trade with ASEAN nations in January. Indonesia only experienced a trade deficit with Thailand and Laos.

Despite expanding less quickly than in February, March’s non-oil and gas trade balance nonetheless showed a surplus of USD 4.58 billion or IDR 68.1 trillion, thanks in large part to non-oil and gas exports’ robust performance, which totalled USD 22.16 billion or IDR 329.5 trillion. Coal, precious metals, metal ores, iron, and steel were among the top non-oil and gas exports trade, according to Erwin, which benefited from the continued high pricing of raw materials throughout the world.

China is Indonesia’s top non-oil and gas export trade market, accounting for USD 5.25 billion, or 25.2% of all exports to China. China is Indonesia’s largest supplier of non-oil imports, which totalled USD 5.32 billion (34.2%) and contributed to a deficit on the Indonesian side.

Despite the fact that Indonesia’s monthly trade balance has been in surplus since May 2020, the oil and gas trade sector posted a loss of USD 1.68 billion or IDR 24.9 trillion in March.

Interested about this topic? Check out our other articles:

Indonesia Is Bringing Its Foreign Worker Process Under One Digital Roof

For companies hiring foreign professionals in Indonesia, one of the less glamorous parts of doing business has traditionally been navigating different government systems for different stages of the process. That may soon become a little easier. On 9 September 2026, the Indonesian government announced plans to integrate the Online Single Submission (OSS) system with the […]

“I Love You, Daddy”: Police Reveal Chilling CCTV Details in Bali Family Deaths

Police in Bali have disclosed details from CCTV footage that they say support their suspicion that an Australian man killed his two children before taking his own life at a bungalow in Legian, Badung Regency. The man, identified by police as 57-year-old SDJ, was found dead alongside his two children, ADS, 7, and LKS, 4, […]

Five Orangutan Infants Found in India May Have Come from Sumatra, Indonesia Seeks Their Return

The Indonesian government is working to repatriate five orangutan infants found abandoned in a forest in Odisha, India, on Tuesday, September 8, with preliminary observations suggesting the animals may have originated from Sumatra. The five orangutans were discovered by India’s Forest Department during a patrol in the Bhogarai/Udaipur Block forest area in the Jaleswar region […]

Gili Meno Residents Seek Long-Term Solution to Clean Water Crisis

Residents of Gili Meno, North Lombok, West Nusa Tenggara, are calling for an undersea pipeline to provide a long-term solution to the island’s ongoing clean water shortage. The demand was raised by residents and the Meno Bersatu Alliance, which includes the Indonesian Forum for the Environment (WALHI) NTB, Meno Lestari and Wanapala NTB, during an […]