Trade Balance Signals for Indonesian Manufacturing

Despite Indonesia’s trade balance recording a surplus of $3.48 billion in October 2023, the national economy is not out of the woods yet.

Redaksi

16 Nov 2023 - 17.10
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Trade Balance Signals for Indonesian Manufacturing

Illustration - Engine assembly activities at a vehicle factory.

Bisnis, JAKARTA — Indonesia's trade balance recorded a surplus of $3.48 billion in October 2023, marking the 42nd consecutive month of surplus since May 2020.

Pudji Ismartini, deputy for distribution and service statistics at Statistics Indonesia, said the trade surplus for October 2023 increased by US$0.07 billion compared to the previous month’s $3.42 billion.

“Surplus for October 2023 increased compared to the previous month [mtm], but it is lower than the same month last year [YoY],” she said in a press conference on Monday (11/15/2023).

Pudji said the surplus was primarily supported by non-oil and gas commodities totaling $5.31 billion. The main contributors to the surplus were mineral fuels (HS 27), animal/vegetable fats and oils (HS 15), as well as iron and steel (HS 72). At the same time, the trade balance for oil and gas commodities reported a deficit of $1.84 billion, with crude oil and oil products being the main contributors to the deficit.

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Trade Balance Signals for Indonesian Manufacturing

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