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Indonesia Posts Trade Surplus … Again

In a recent article published by Jakarta Globe, the Central Statistics Agency (BPS) announced on Monday that international trade booked a surplus of USD 4.23-billion in July, marking the 27th consecutive month that the country’s exports outweighed its imports since May 2020.

The Jakarta Globe article goes on to explain that the surplus in July had gone up from the USD 4.11-billion positive trade balance during the same period last year. The figures, however, were still lower than the USD 5.15-million trade surplus that Indonesia enjoyed in June.

Setianto, the Deputy for Services and Distribution Statistics at BPS, told a virtual press briefing “our exports in July were worth USD 25.57-billion with imports amounting to USD 21.35-billion.”

BPS reported that the positive non-oil and gas balance contributed to last month’s surplus. Higher exports of mineral fuels had driven the non-oil and gas surplus to USD 7.31-billion. Data showed that Indonesia’s mineral fuels exports widened USD 354.2-million from June’s figures.

The non-oil and gas trade surplus in July of USD 179.5-million showed month-over-month growth in Indonesia’s animal or vegetable fats and oils exports. “We also had ores, slag, and ash exports going up USD 45.2-million in July [compared to a month earlier],” Setianto said.

Indonesia’s oil and gas balance saw a USD 3.08-billion deficit in July due to crude oil, among other things. The surplus in the January-to-July 2022 period came to USD 29.17-billion.

However, BPS also warned of the growing China-Taiwan tension’s impact on Indonesia’s foreign trade. “We need to be aware of the [latest] developments between China and Taiwan because they play an important role in Indonesia’s foreign trade. China is our strategic trading partner,” Setianto said.

BPS revealed China accounted for more than 20-percent of Indonesia’s total exports and imports in 2021. Taiwan, in the same year, made up of just 3-percent and 2.20-percent of Indonesia’s export and import, respectively.

China is the world’s top exporting country of automatic data processing machines and office machine parts. China also becomes the biggest supplier of integrated circuits in the world after Taiwan, according to BPS. In 2020, Taiwan placed as the fourth top exporter for office machine parts.

China became the country with which Indonesia registered the largest non-oil and gas deficit in July. Electrical machinery and equipment imports caused Indonesia’s deficit with China to reach USD 914.5-million last month, BPS reported.

 

Source: Jakarta Globe

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