“From our records, the trade balance has experienced a surplus for 23 consecutive months,” BPS head Margo Yuwono noted during a press conference in Jakarta on Monday.
The non-oil and gas commodities that contributed to the largest surplus were mineral fuels, vegetable fats and oils, as well as iron and steel, he informed.
“All three are non-oil and gas commodities that contributed to the surplus in March 2022,” Yuwono said.
Trade with three countries contributed to the biggest surplus—the United States, India, and the Philippines.
With the US, Indonesia’s trade surplus reached US$2 billion, with animal fats and oils, vegetable oils, and footwear contributing to the surplus.
Next, Indonesia’s trade with India also experienced a surplus of US$1.2 billion, with mineral fuels animal fats and oils being the largest contributors to the surplus.
In trade with the Philippines, Indonesia recorded a surplus of US$ 916.9 million, with mineral fuels as well as vehicles and their parts the main commodities that contributed to the surplus.
Meanwhile, Indonesia registered a trade deficit with several countries, namely Thailand, Australia, and Argentina.
With Thailand, Indonesia experienced a deficit of US$565.6 million, with sugar and confectionery and machinery, mechanical equipment, and their parts the main commodities that contributed to the deficit.
In addition, Indonesia’s trade with Australia also saw a deficit of US$515 million, with the main commodities contributing to the deficit being mineral fuels and cereals.
Indonesia’s trade with Argentina also experienced a deficit of US$261.6 million, with cereal commodities contributing to the deficit.
Still, Indonesia’s trade balance in the January–March 2022 period experienced a surplus of US$9.33 billion. The figure was higher compared to the same period in 2021, when the country recorded a surplus of US$5.52 billion.
“This surplus figure is quite high; hopefully, this surplus will continue to increase and have an impact on economic recovery in Indonesia,” Yuwono said.
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