No. 19/ 28 /DKom
Indonesia's trade balance records another surplus in March 2017, primarily supported by non-oil and gas trade surplus. Trade balance surplus in March 2017 is recorded 1.23 billion US dollar, slightly lower than that in February 2017 of 1.26 billion US dollar. Such lower surplus is influenced by the decreasing surplus in non-oil and gas trade balance exceeding the decreasing deficit in oil and gas trade balance. Despite the monthly decrease, the trade balance surplus in March 2017 remains higher than that in March 2016 of 0.51 billion US dollar.
Non-oil and gas trade balance surplus in March 2017 is recorded 2.02 billion US dollar, lower than that in the previous month of 2.5 billion US dollar. The decreasing surplus in non-oil and gas trade balance is affected by the increase in non-oil and gas imports (24.94% mtm) exceeding the decrease in non-oil and gas exports (14.86% mtm). Non-oil and gas import increase results from the import increase of machinery and mechanic devices, machinery and electric devices, plastics and plastic goods, iron and steel, sea vessels, and floating structures. Meanwhile, non-oil and gas export increase primarily results from the increasing export of mineral fuel, rubber and rubber goods, machinery and electric devices, pulp, ore, crust, and metal ash.
Deficit in oil and gas trade balance decreases from 1.28 billion US dollar in February 2017 to 0.78 billion US dollar in March 2017. The decreasing deficit in oil and gas trade balance is attributable to the increase in oil and gas exports (23.56% mtm), primarily crude oil exports along with the decrease in oil and gas imports (-8.54% mtm).
With such development, Indonesia's trade balance throughout the first quarter of 2017 records a surplus of 3.93 billion US dollar, increasing compared to the surplus in the fourth quarter of 2016 of 3.12 billion US dollar and higher compared to the surplus in the first quarter of 2016 of 1.66 billion US dollar. Compared to the first quarter of 2016, the improving trade balance in the first quarter of 2017 is boosted by the increasing surplus in non-oil and gas trade balance exceeding the increasing deficit in oil and gas trade balance.
Bank Indonesia considers that trade balance performance in March 2017 and throughout the first quarter of 2017 is positive in supporting current transaction performance. Going forward, Bank Indonesia will consistently observe global and domestic economic growth, which can affect trade balance performance and make efforts to ensure proper conduct of domestic economic activities.
Jakarta, 17 April 2017