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Indonesia’s Trade Balance: Surplus US$ 3,48 Billion in pada October 2023

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Indonesia’s Trade Balance: Surplus US$ 3,48 Billion in pada October 2023

InfoSAWIT, JAKARTA – In October 2023, Indonesia re-got trade balance surplus. It was the 42nd month in a row within positive trend since May 2020. The surplus reached US$ 3,48 billion that consisted of non-oil and gas about US$ 5,31 billion and oil and gas deficit about US$ 1,84 billion. Minister of Trade, Zulkifli Hasan said that the surplus trend would continue to the next period.

As in the official statement to InfoSAWIT, Zulkifli Hasan said that the October 2023 surplus happened to some trade countries, such as, India (US$ 1,45 billion), USA (US$ 0,93 billion), and Philippine (US$ 0,91 billion). On the other hand, Singapore (US$ 0,91 billion), Australia (US$ 0,40 billion), and Thailand (US$ 0,18 billion) were deficit contributors in the period.

In cumulative from January to October 2023, Indonesia’s trade balance got surplus US$ 31,22 billion. It derived from non-oil and gas about US$ 47,02 billion and oil and gas deficit about US$ 15,81 billion. Though it was surplus, the deficit reached US$ 14,22 billion compared to the same period last year.

Zulkifli Hasan mentioned that though trade balance was surplus, the decreasing trend slowly occurred. The factors might happen from the decreasing economy and many commodity prices in the globe. Ministry of Trade tried to solve the challenges by conducting mitigation action.

The exports from Indonesia in October 2023 reached US$ 22,15 billion or increased 6,76 percent to September 2023. They were from non-oil and gas that increased 7,42 percent while oil and gas exports decreased 2,38 percent. Mining sectors highly contributed that reached 20,47 percent, then processing industries about 4,83 percent while agricultural sector decreased 8,00 percent.

Coal was the main commodity in the October 2023 increasing exports, contributed about 46,90 percent of the total increasing exports. The numbers of coal exports increased 24,61 percent while the volume reached 20,38 percent. Other non-oil and gas exports that increased were precious metal, jewelry/gem, footwear, inorganic materials, nickel, and goods from it.

Though Indonesia got surplus, the economic challenges are the concern and Ministry of Trade is committed to get strategic actions to maintain trade balance stable in the future. (T2)