In August 2023, Indonesia again recorded a trade balance surplus of USD 3.12 billion. The surplus exceeded the July 2023 surplus by $1.29 billion. This signifies that Indonesia has recorded a trade balance surplus for 40 consecutive months since May 2020. This was announced by the Central Statistical Office (BPS) on September 15, 2023 through its publication.
The surplus within the trade balance was supported by a surplus of non-oil and gas raw materials, which reached USD 4.47 billion. The non-oil and gas trade balance surplus in August 2023 increased further in comparison with the previous month and amounted to roughly USD 3.22 billion. Meanwhile, the oil and gas sector’s trade balance recorded a deficit of $1.34 billion.
Acting head of BPS, Amalia Adininggar Widyasanti, also revealed that in comparison with the previous 12 months, i.e. year-on-year (y/y), there was a 2.65% decline in the excess since August 2022. y/y, which amounted to USD 5.78 billion.
Indonesia’s total trade balance from January to August 2023 was USD 24.34 billion. However, this figure decreased in comparison with the identical period in 2022, which amounted to 34.89 billion US dollars.
In August 2023, Indonesia’s export value reached $22 billion, a rise of 5.47%. in comparison with July 2023. However, on an annual or year-to-year basis, Indonesia’s exports decreased by 21.21%. in comparison with August 2022 .
Meanwhile, the worth of exports of oil and gas products in August 2023 reached USD 1.32 billion, a rise of seven.5%. in comparison with July 2023, which reached only $1.23 billion. Moreover, by 5.35 percent the worth of exports of non-oil and gas products also increased, reaching USD 20.69 billion in comparison with the previous month, which amounted to USD 19.64 billion.
On the opposite hand, after increasing within the previous month, the whole value of imports also decreased within the month. The total value of imports also decreased year-on-year. The value of Indonesia’s imports in August 2023 reached $18.88 billion, a decrease of three.53%. in comparison with July 2023, which amounted to $18.57 billion. Compared to August 2022, import results this month confirmed a decline of 14.77%.
