Indonesia’s trade balance maintained a surplus in June 2020 of USD1.27 billion after recording a USD2.02 billion surplus one month earlier. For the period from January-June 2020, therefore, the trade surplus stands at USD5.50 billion, well above the USD1.87 billion deficit recorded in the same period one year earlier. Bank Indonesia is confident the current trade surplus will help maintain external economic resilience in Indonesia. Moving forward, Bank Indonesia will continue to strengthen policy synergy with the Government and other relevant authorities in order to reinforce external resilience, including the trade balance outlook.
The main contributors to the trade surplus recorded in June 2020 were a non-oil and gas trade surplus coupled with a narrower oil and gas trade deficit. The non-oil and gas trade surplus stood at USD1.36 billion in the reporting period on the back of solid export performance for crude palm oil (CPO), coffee and copper ore, despite higher non-oil and gas imports as economic activity restarts in line with the gradual easing of large-scale social restrictions. Meanwhile, the oil and gas trade deficit narrowed from USD96.9 million in May 2020 to USD95.2 million in June 2020 in response to higher oil and gas exports, refined products and crude oil in particular.
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