"This surplus is still much higher than the trade balance position in August 2019, which during that time was a surplus of US$92.6 million. Hence, we are optimistic that in future, the economy would improve, our surplus would increase, and the economy would recover,” Head of BPS Suhariyanto stated at a press conference broadcast virtually in Jakarta, Tuesday.
Suhariyanto explained that in August 220, Indonesia's trade balance recorded a surplus with several countries, of $1 billion with the United States, with clothing and accessories products, both knitted and non-knitted, as well as machines and electrical equipment.
Moreover, a $451-million trade surplus was recorded with the Philippines in vehicle products and parts as well as processed food products.
Furthermore, Indonesia posted a trade balance surplus of $425 million with India in products of mineral fuels, vegetable animal fats, and organic chemicals.
However, Indonesia is still recording a trade deficit with several countries, including a deficit of $893.6 million with China, $158.4 million deficit with Brazil, and a deficit of $116.7 million with Hong Kong.
Thus, Indonesia’s cumulative trade balance during the January-August 2020 period experienced a surplus of $11.05 billion, much higher than the corresponding period last year, with a deficit of $2.04 billion.
Indonesia earlier posted a trade surplus of $3.26 billion in July 2020, as exports improved to $13.73 billion and imports slowed to $10.47 billion, according to the Central Bureau of Statistics (BPS).
"The surplus is higher as compared to that in June 2020 and jumped as compared to July 2019 when we experienced a deficit of $0.28 billion," BPS Head Suhariyanto noted.
Suhariyanto pointed out that Indonesian exports in July 2020 had touched $13.73 billion, or rose 14.33 percent, as compared to June 2020 and dropped 9.90 percent from that in July 2019. Related news: Indonesia posts US$3.26 billion trade surplus for July 2020
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