"The surplus trend has been achieved for 15 consecutive months. It indicates the improvement of our economy," BPS head Margo Yuwono said at an online press conference here on Wednesday.
In the past 15 months, the highest surplus of $3.58 billion was recorded in October 2020, he said. While in 2021, the highest surplus to date was recorded in May at $2.70 billion, he added.
The largest contribution to the surplus in July 2021 was made by exports of animal or vegetable fats and oils, mineral fuels, as well as iron and steel, Yuwono informed.
He added that exports of oil and gas as well as non-oil and gas sectors increased 50.08 percent and 28.26 percent year on year, respectively.
In July 2021, Indonesia reported a trade surplus of $1.27 billion with the United States, $533 million with the Philippines, and $397.5 million with Malaysia, the BPS head continued.
However, Indonesia also recorded a trade deficit with several countries -- China ($844.5 million), Australia ($448.1 million), and Thailand ($271.1 million).
Hence, Indonesia's trade balance surplus during January-July 2021 reached $14.42 billion, he explained. “The number was quite high compared to the surplus trends in the last five years,” Yuwono noted.
Indonesia’s trade balance recorded a surplus of $8.65 billion in 2020, $7.39 billion in 2017, and $4.76 billion in 2016, he informed. Meanwhile, the country registered a trade deficit in 2019 and 2018, he added.
“We expect this positive trend will remain in the following months as our economic growth is also affected by our exports performance,” Yuwono said.
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