Trade Balance records Surplus in May 2020 - Bank Sentral Republik Indonesia
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August 05, 2020

No. 22/45/DKom

Indonesia's trade balance amassed a USD2.09 billion surplus in May 2020, thus reversing the previous USD372.1 million deficit one month earlier. By component, the surplus was attributable to a non-oil and gas trade surplus coupled with a narrower oil and gas trade deficit. Cumulatively from January-May 2020, therefore, an overall surplus of USD4.31 billion was recorded, contrasting the USD2.68 billion deficit recorded in the same period last year. Bank Indonesia is confident that the current trade surplus will contribute to maintain external resilience in Indonesia. Moving forward, Bank Indonesia will continue to strengthen policy synergy with the Government and other relevant authorities in order to strengthen external resilience, including the trade balance outlook.

The non-oil and gas trade balance recorded a USD2.10 billion surplus in May 2020 after experiencing an USD81.7 million deficit the month earlier, given the decline of non-oil and gas imports in line with domestic demand compressed by the COVID-19 pandemic. The broad-based decline of non-oil and gas imports affected all commodity groups. Meanwhile, non-oil and gas exports have also declined on global economic moderation despite gains posted in terms of gold as well as iron and steel. The oil and gas trade balance recorded a USD5.4 million deficit in May 2020, reducing from USD290.4 million in the previous period. The oil and gas deficit narrowed in response to lower oil and gas imports in line with less demand for crude oil and refined products, and higher oil and gas exports, primarily driven by gas.

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Onny Widjanarko
Executive Director  
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