Trade Surplus Helping to Preserve External Economic Resilience in Indonesia: BI

Jakarta: Bank Indonesia (BI) is confident the ongoing trade surplus is helping to preserve external economic resilience in Indonesia.  
 
"Moving forward, Bank Indonesia will continue to strengthen policy synergy with the Government and other relevant authorities to bolster economic recovery momentum," said BI Communication Department Head Erwin Haryono in a press release on Monday.
 
Based on data released by the Central Statistics Agency (BPS), Indonesia recorded a wider trade surplus in July 2021, totalling USD2.59 billion compared with USD1.32 billion one month earlier.  
Therefore, Indonesia has maintained a positive trade balance since May 2020.  

Overall, Indonesia's trade balance for the period from January-July 2021 recorded a USD14.42 billion surplus, well above the USD8.65 billion surplus recorded in the same period of 2020. 
 
The trade surplus recorded in July 2021 was influenced by a larger non-oil and gas trade surplus combined with a narrower oil and gas trade deficit.  
 
In July 2021, the non-oil and gas trade surplus increased to USD3.38 billion from USD2.39 billion in June 2021.  
 
Non-oil and gas exports in July 2021 remained solid at USD16.71 billion, despite decreasing slightly from USD17.31 billion the month earlier.  
 
Exports of natural resources, such as crude palm oil (CPO) and nickel, recorded gains, while several manufacturing products, including electrical machinery, apparatus and equipment as well as motor vehicles and components, remained solid.  
 
Based on destination country, non-oil and gas exports bound for China, the United States and Japan maintained momentum in response to recovering global demand.  
 
On the other hand, non-oil and gas imports remained sound across all components in line with ongoing domestic economic improvements.  
Meanwhile, the oil and gas trade deficit narrowed from USD1.07 billion in June 2021 to USD0.79 billion in July 2021, influenced by a deeper decline of oil and gas imports than exports.
 
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