Bank Indonesia (BI) views Indonesia's trade balance surplus in August 2024, amounting to USD 2.9 billion, as a positive factor for bolstering the country's external economic resilience. This surplus increased compared to the USD 0.50 billion surplus in July 2024. The higher trade balance surplus is mainly due to an increase in the non-oil and gas trade balance surplus, which reached USD 4.34 billion, in line with the rise in non-oil and gas exports to USD 22.36 billion. The positive performance of non-oil and gas exports is supported by exports of natural resource-based commodities such as animal/vegetable fats and oils (CPO), metal ores, slag, and ash, as well as manufactured products like machinery and electrical equipment, mechanical appliances, and vehicles and their parts. Non-oil and gas exports to China, the United States, and India remain the main contributors to Indonesia's exports. The deficit in the oil and gas trade balance decreased to USD 1.44 billion in August 2024, due to a larger decline in oil and gas imports compared to oil and gas exports.
Erwin Haryono, Assistant Governor of BI's Communication Department, stated that going forward, BI will continue to strengthen policy synergy with the government and other authorities to enhance external resilience and support sustainable national economic growth. The August 2024 trade balance surplus is higher compared to the previous month but slightly lower than the same month last year. This surplus is driven by non-oil and gas commodities, with mineral fuels (HS27), animal and vegetable oils and fats (HS15), and iron and steel (HS72) being the main contributors. The August 2024 oil and gas trade balance deficit of USD 1.44 billion, although still significant, is not as deep as the previous month. With the trade balance surplus continuing for 52 consecutive months since May 2020, these measures are expected to help strengthen Indonesia's economic resilience and support sustainable economic growth.
