Indonesia Trade Balance Returns to Surplus, Exports Print Highest Record Driven by the Industrial Sector

JAKARTADAILY.ID – Trade Minister Zulkifli Hasan revealed that Indonesia once again recorded a trade surplus in August 2022 of $5.76 billion. The August 2022 surplus was contributed by the surplus in the non-oil and gas trade of $ 7.74 billion and the oil and gas trade deficit of $ 1.98 billion.

"The trade surplus in August 2022 continues the trend of consecutive surpluses since May 2020. Indonesia has still managed to maintain a record trade surplus for 28 consecutive months," said Trade Minister Zulkifli Hasan in a report from the Ministry of Trade on Monday, September 19, 2022.

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Indonesia's non-oil and gas trade surplus in August 2022 was still driven by trade with several major trading partner countries.

India became a trading partner country that contributed the largest surplus with a value of $1.81 billion, followed by the United States with $1.65 billion. The third largest contributor to the surplus was the Philippines with a value of $1.09 billion.

Cumulatively, the January-August 2022 trade balance had a surplus of $34.92 billion.

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This figure far exceeds the achievement of a trade surplus for the same period in 2021 which only reached $ 20.71 billion.

The January-August 2022 trade surplus was supported by a non-oil and gas surplus of $51.67 billion and an oil and gas deficit of $16.76 billion.

"With the high trade surplus in January-August 2022, Indonesia is expected to create a record trade surplus beyond 2021," said the Minister of Trade.

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Minister of Trade Zulkifli Hasan said exports in August 2022 recorded the highest record in history with a value reaching $ 27.91 billion.

This value breaks the previous record reached in April 2022 ($27.32 billion). Export performance in August was supported by Indonesia's non-oil and gas exports of $26.19 billion and oil and gas exports of $1.72 billion.

Compared to July 2022, August 2022's export performance increased by 9.17 percent (MoM).