Trade Surplus Recorded in October 2019 - Bank Sentral Republik Indonesia
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July 11, 2020


Indonesia amassed a USD0.16 billion trade surplus in October 2019, reversing the previous USD0.16 billion deficit recorded the month earlier. The surplus was primarily supported by a larger non-oil and gas trade surplus on the back of a shallower -2.48% (yoy) non-oil and gas export contraction compared to -2.70% (yoy) in September 2019, despite the flagging global economy. Meanwhile, a faster oil and gas import gain compared with oil and gas exports fed through to a larger oil and gas trade deficit. Cumulatively, as of October 2019, however, the oil and gas trade deficit has improved to USD7.27 billion from USD10.82 billion in the same period of 2018 in line with declining non-oil and gas imports thanks to the support of import substitution policy.

The non-oil and gas trade balance stood at USD0.99 billion in October 2019, up from USD0.60 billion in the previous period. The gains come amidst a surge of non-oil and gas exports, primarily in the form of mineral fuels, metal ore, crust and dust, footwear as well as motor vehicles and parts. Meanwhile, non-oil and gas imports also increased, led by capital goods such as electrical machinery and equipment as well as iron and steel, in line with solid investment performance. On the other hand, the oil and gas trade balance recorded a USD0.83 billion deficit, increasing slightly from USD0.76 billion the month earlier as a result of oil and gas imports, including refined products and gas, in contrast to declining imports of crude oil. Oil and gas export performance also improved, however driven by shipments of crude oil and gas.

Bank Indonesia is confident that the trade surplus recorded in October 2019 will bolster external resilience in the Indonesian economy. Moving forward, Bank Indonesia will continue to strengthen policy synergy with the Government and other relevant authorities in order to reinforce external sector resilience, including the trade outlook

Jakarta, 15th November 2019


Onny Widjanarko
Executive Director



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