Jakarta: Bank Indonesia (BI) strongly believes that Indonesia's widening trade surplus will contribute positively to the country's external sector resilience.
"Moving forward, Bank Indonesia will continue to strengthen policy synergy with the Government and other relevant authorities in order to bolster external resilience, including the trade balance outlook," said the BI Communication Department Head Onny Widjanarko in a press release on Monday.
Indonesia's trade balance maintained a USD3.61 billion surplus in October 2020 after recording a USD2.39 billion surplus one month earlier.
The trade surplus recorded in October 2020 was primarily influenced by a non-oil and gas trade surplus, which stood at USD4.06 billion in the reporting period, up from USD2.90 billion one month earlier.
The increase stemmed from a surge of non-oil and gas exports, particularly animal/vegetable fats and oils, minerals as well as footwear.
Meanwhile, the oil and gas trade balance experienced a USD405.1 million deficit last month after recording a USD504.6 million deficit in the previous month.