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Indonesia's trade balance recorded a surplus in June 2020

16 July 2020 14:42

JAKARTA - Indonesia's trade balance recorded a surplus in June 2020, although itwas lower than the surplus recorded in May 2020. The trade balance in June 2020 was influenced by non-oil and gas trade balance surplus and a decrease in the oil and gas trade balance deficit.

Onny Widjanarko, Executive Director of Bank Indonesia's Communication Department recorded a trade balance surplus in June 2020 of US$ 1.27 billion, lower than its record in May 2020 (US$ 2.02 billion). "With these developments, Indonesia's trade balance in the period of January-June 2020 recorded a surplus of US$ 5.50 billion, far better than its record in the same period the previous year which experienced a deficit of US$ 1.87 billion," he said, as quoted from a press release published on Wednesday (15/7).

According to him, BI considered the trade balance surplus to contribute positively in maintaining the external resilience of the Indonesian economy. BI, he said, continued to strengthen policy synergies with the government and related authorities to improve external resilience, including the prospect of trade balance performance.

The non-oil and gas trade balance in June 2020, he said, recorded a surplus of US$ 1.36 billion. This development was influenced by exports of several commodities that remained favorable, such as palm oil, coffee and copper seeds, although non-oil and gas imports increased in line with the improvement in economic activity after the relaxation of the Large-Scale Social Restrictions (PSBB). "The oil and gas trade balance deficit decreased from US$ 96.9 million in May 2020 to US$ 95.2 million, influenced by an increase in oil and gas exports, especially in the processing industry of oil and crude oil," he said. (LK/AR)

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