Trade Balance records Surplus in March 2019 - Bank Sentral Republik Indonesia
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May 24, 2019

No.21/24/DKom
Indonesia’s trade balance recorded a USD0.54 billion surplus in March 2019, up from USD0.33 billion the month earlier. Non-oil and gas exports accelerated beyond non-oil and gas imports, which boosted the non-oil and gas trade balance and fed through to a larger trade surplus. In addition, the oil and gas trade deficit narrowed compared with conditions in the previous period.

The non-oil and gas trade surplus increased to USD0.99 billion in March 2019 from USD0.80 billion in February 2019 as a corollary of non-oil and gas exports, which soared USD1.49 billion (mtm) in the reporting period to surpass the USD1.30 billion (mtm) bump in non-oil and gas imports. The main export drivers were mineral fuels, iron and steel, metal ore, crust and dust as well as paper/card. Meanwhile, non-oil and gas imports increased on electrical machinery and equipment, machinery and mechanical appliances, iron and steel as well as cereals.

The oil and gas trade deficit narrowed to USD0.45 billion in March 2019 from USD0.47 billion the month earlier. The smaller deficit stemmed from a USD0.04 billion (mtm) decline of oil and gas imports, while oil and gas exports only decreased by USD0.02 billion (mtm). Oil and gas imports were weighed down by refined products and gas in line with lower import volume, while oil and gas exports were held back by refined products and crude oil in line with lower export volume of refined products and crude oil as well as sliding export prices of refined products.

Bank Indonesia is confident that the larger trade surplus recorded in March 2019 will help to improve the current account position. Moving forward, Bank Indonesia and the Government will continue to coordinate when monitoring global and domestic economic developments, thereby strengthening external sector resilience, including the current account outlook.

Jakarta, 15th April 2019
Communication Department

Onny Widjanarko
Executive Director

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