Surplus Trade Balance, Bank Indonesia: Contributing to maintaining external resilience

TEMPO.CO, jakartaBank Indonesia Believes that the trade surplus in June made a positive contribution to maintaining the external resilience of the Indonesian economy. Bank Indonesia strengthens policy synergies with government and related political agencies to increase external resilience.

“Besides supporting the national economic recovery,” BI communications chief Erwin Haryono said in a written statement on Friday evening, July 15, 2022.

Based on data from the National Statistics Office (BPS), Indonesia’s trade balance recorded a surplus of US$5.09 billion in June 2022, an increase from the surplus of US$2.90 billion in the previous month.

This positive development continued Indonesia’s trade surplus since May 2020. Indonesia’s trade balance recorded a surplus of US$24.89 billion in January-June 2022, much more than US$11.84 billion in the first half of 2021.

The trade surplus in June 2022 came from excess Non-oil and gas trade balance amid widening oil and gas trade deficit. In June 2022, the trade surplus (excluding oil & gas) was US$7.23 billion, up from the surplus of US$4.76 billion in the previous month.

This development was supported by an increase in non-oil and gas exports from US$20.01 billion in May 2022 to US$24.56 billion in June 2022. The increase in non-oil and gas export performance was mainly due to exports of commodities Commodities such as CPO and coal and a range of manufactured products such as vehicles and their parts and shoes rose, supported by still high global prices.

In terms of destinations, non-oil and gas exports to China, the United States and India increased. Meanwhile, imports except oil and gas increased in all components, in line with the ongoing improvement in the domestic economy.

Meanwhile, the oil and gas trade deficit increased from US$1.86 billion in May 2022 to US$2.14 billion in June 2022, in line with the rise in oil and gas imports, which outpaced the rise in Oil and Gas Exports.

HENDARTYO HANGGI

Read: Bank Indonesia: Foreign capital from IDR 8.56k this week

Follow Tempo’s latest news on Google News, click here

Leave a Reply

Your email address will not be published.