According to Indonesia's central bank website news release on September 15, 2022, Indonesia amassed a larger USD5.76 billion trade surplus in August 2022 compared with USD4.22 billion the month earlier, based on the latest data published by BPS-Statistics Indonesia. Indonesia has, therefore, maintained a positive trade balance since May 2022. For the period from January-August 2022, the overall trade surplus stood at USD34.92 billion, up significantly from USD20.71 billion in the same period of 2021. Bank Indonesia is confident the ongoing trade surplus is contributing to solid external economic resilience in Indonesia. Moving forward, Bank Indonesia will continue to strengthen policy synergy with the Government and other relevant authorities to bolster external resilience and strengthen national economic recovery momentum.
The trade surplus recorded in August 2022 stemmed from a wider non-oil and gas trade surplus, coupled with a narrower oil and gas trade deficit. In the reporting period, the non-oil and gas trade surplus increased to USD7.74 billion from USD7.31 billion in July 2022. Such developments were explained by persistently solid non-oil and gas exports totalling USD26.19 billion in August 2022, up from USD24.20 billion one month earlier, boosted by exports of natural resources, such as crude palm oil (CPO), on the back of government policy to extend the exemption on CPO export levies together with persistently high international commodity prices. Furthermore, exports of manufacturing products, including iron and steel as well as electrical machinery and equipment, also posted gains. Based on destination country, non-oil and gas exports to China, the United States and India were observed to increase. Meanwhile, non-oil and gas imports experienced broad-based increases across nearly all components in response to ongoing domestic economic improvements. On the other hand, the oil and gas trade deficit narrowed from USD3.09 billion in July 2022 to USD1.98 billion in August 2022 given higher oil and gas exports together with lower oil and gas imports.
Jakarta, 15th September 2022
Head of Communication Department
Erwin Haryono
Executive Director
Information about Bank Indonesia
Tel. 021-131, Email: bicara@bi.go.id
