Indonesia’s Trade Balance Sets New Record in October

President Jokowi Saturday (14/08) joins the Independent Agricultural Exports Launch virtually from the Bogor Presidential Palace, West Java. (Photo by: BPMI/Muchlis Jr)

Indonesia’s trade balance has once again recorded a surplus in October, reaching US$5.73 billion.

The surplus was supported by non-oil and gas balance surplus of US$6.61 billion and oil and gas balance deficit of US$0.87 billion.

Cumulatively, the trade balance surplus in the January-October period stood at US$30.81 billion and this figure is much larger than that of the same period in the previous year and the largest since 2012 or for the last ten years.

“This year’s October trade surplus continues the trend of consecutive surpluses since May 2020 and is the highest in history. The strengthening of the balance was supported by high export growth, in fact, the highest monthly exports in history,” Minister of Trade Muhammad Lutfi said as quoted from the Ministry’s official website, Thursday (18/11).

Some of Indonesia’s trading partner countries that contributed to the largest trade surplus include China, the US, and the Philippines, with a total of US$3.67 billion.

Meanwhile, Australia, Singapore, and Thailand became the partner countries that contributed to the largest trade deficit with a total of US$1.13 billion.

“If the trade surplus continues to be consistent in the Q4 of 2021, this year Indonesia will make the largest surplus for the first time in history. From January to October 2021, the trade surplus has reached US$30.81 billion,” the Minister said.

Cumulatively, the trade surplus was supported by non-oil and gas balance of US$40.08 billion and oil and gas deficit of US$9.28 billion. Based on the contributing countries, the January-October 2021 trade surplus came from the US (US$11.52 billion), the Philippines (US$5.86 billion), and India (US$4.76 billion). (PR of Ministry of Trade/UN)(FI/EP)