Indonesia Records Trade Surplus For 31 Consecutive Months

Indonesia’s trade balance recorded a surplus for the 31st month in a row, reaching US$5.16 billion in November 2022, according to the Finance Ministry.

Cumulatively, the trade surplus in the year ended November 30, 2022, reached US$50.59 billion, well above the US$34.3 billion recorded in the same period of the previous year.

“Our exports and imports slightly slowed down in November 2022. But we must look at the entirety of how the trade balance accumulated a surplus of up to US$50.59 billion,” head of the Fiscal Policy Board of the Finance Ministry, Febrio Kacaribu, said in Jakarta.

Indonesia’s exports continued their positive performance in November to reach US$24.12 billion, or up 5.58 percent year-on-year (yoy) and 28.16 percent year-to-date (ytd) despite contracting 2.46 percent month-to-month (mtm) from US$24.81 billion in October 2022.

Non-oil/non-gas exports reached US$22.99 billion in November, up 6.88 percent yoy but down 1.94 percent mtm.

The decline particularly affected the exports of animal/vegetable fats and oils, which slid by 16.62 percent to US$577.6 million, while the exports of precious metal and jewelry recorded the highest increase of US$292.2 million or 87.19 percent.

Cumulatively, Indonesia’s exports in the period from January to November 2022 reached US$268.18 billion, an increase of 28.16 percent compared to the same period last year.

“Non-oil/non-gas exports contributed the most, reaching US$253.61 billion, up by 28.04 percent ytd,” he informed.

On a sectoral basis, 74.15 percent of the exports in the January–November 2022 period were contributed by the mining industry, followed by the manufacturing industry (18.59 percent) and the fishery industry (12.44 percent).

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