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Trade Balance Surplus US $ 2.59 M in July 2021

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Jakarta, CNN Indonesia —

BPS state trade balance domestic surplus of up to US$ 2.59 billion on a monthly basis (month to month/mtm) in July 2021. This realization is higher than the surplus in June 2021 of US$1.32 billion, but still lower than the July 2020 trade balance surplus of US$3.26 billion.

Indonesia’s accumulated trade balance surplus for the January-July 2021 period reached US$14.42 billion. This figure is higher than the accumulated trade balance surplus in January-July 2020, which was US$ 8.65 billion.

Head of BPS Margo Yuwono said the surplus occurred because the export value reached US$17.70 billion in July 2021. Meanwhile, the import value was smaller than exports, which was US$15.11 billion. Indonesia recorded a surplus in a row for 15 months.

“In July 2021, Indonesia’s trade balance experienced a surplus of US$ 2.59 billion,” said Margo when releasing trade balance data for the July 2021 period, Wednesday (18/8).

For exports, he said the value fell 4.53 percent on a monthly basis from US $ 18.54 billion in June 2021 to US $ 17.70 billion in July 2021. On an annual basis, the value still strengthened quite sharply 29.32 percent compared to July 2020, which was US $ 13. .69 billion.

In total, exports from January to July 2021 reached US$120.57 billion, up 33.94 percent from US$90.02 billion in January-July 2020.

He said the decline in exports was due to the decline in exports of oil and gas (oil and gas) and non-oil and gas. In detail, exports reached US$990 million, down 19.55 percent compared to the previous month’s US$1.23 billion. Similarly, non-oil and gas exports fell 3.46 percent from US$17.31 billion to US$16.71 billion.

The total contribution of non-oil and gas exports reached 94.40 percent of Indonesia’s total exports in July 2021.

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He said the decline in exports in July 2021 was due to seasonal factors. This is because export performance in June 2021 experienced a sharp increase due to a decline in export performance in May 2021.

“This is more of a monthly pattern where June increased quite high due to low export activity in May due to the Idul Fitri holiday. So, this is more of a seasonal pattern where June usually rises sharply,” he said.

By sector, all sectors experienced a decline in exports on a monthly basis. Starting from the agricultural industry fell 12.08 percent on a monthly basis to US $ 290 million. Then, exports of the processing industry decreased 3.63 percent on a monthly basis to US$13.56 billion.

Then, the mining and other industries corrected 1.65 percent on a monthly basis to US$2.86 billion.

However, on an annual basis, sectoral export performance is still improving. Only the agricultural sector experienced an annual decline of 17.99 percent.

“Among the reasons for the decline in exports of agricultural products on a yoy basis are the commodities of aromatic plants and spices, then coffee, and bird’s nests. These are commodities that I consider the decline to be quite large in the agricultural sector,” he said.

By category of goods, the export commodities that increased were vegetable animal fats and oils, various chemical products, fertilizers, underwear and accessories, as well as nickel and goods thereof.

Meanwhile, weaker export commodities included copper and goods thereof, electrical machinery and equipment, machinery and mechanical equipment, vehicles and parts thereof, and iron and steel.

Based on export destination countries, the increase in exports occurred to India reaching US$272.7 million, Pakistan US$91.6 million, Taiwan US$88.6 million, Egypt US$64.1 million and Italy US$58.2 million.

Meanwhile, the decline in export value occurred to China amounting to US$566.4 million, Japan US$169.2 million, Philippines US$136.4 million, US$114.1 million, and Thailand US$111.5 million.

Nevertheless, the share of Indonesia’s exports did not change, with the majority still going to China, reaching 21.35 percent. After that to the US by 12.08 percent, and Japan 7.14 percent.

For imports, he said the value fell 12.22 percent on a monthly basis from US$17.22 billion in June to US$15.11 billion in July. On an annual basis, the figure is still an increase of 44.44 percent compared to US $ 10.46 billion in July 2020.

In total, imports from January to July 2021 reached US$106.15 billion, up 30.46 percent compared to US$81.37 billion in January-July 2020.

Imports consisted of oil and gas imports of US$1.78 billion, down 22.28 percent from US$2.30 billion in the previous month. Meanwhile, non-oil and gas imports were valued at US$13.33 billion, a decrease of 10.67 percent from the previous US$14.92 billion.

Margo noted that according to the use of goods, all imports decreased in July 2021. It was noted that imports of raw/auxiliary materials fell 12.37 percent on a monthly basis to US$11.42 billion.

Furthermore, capital goods fell 18.58 percent on a monthly basis to US$2.07 billion. Imports of consumer goods also fell by 1.22 percent on a monthly basis to US$1.62 billion.

“The import of auxiliary raw materials indicates that there are still imports of raw materials which indicate that there is still domestic economic activity because the industrial sector still needs raw materials,” he said.

By category of goods, commodities that experienced an increase in imports were pharmaceutical products, slag ore and metal ash, industrial waste, motor vehicles, and rock sulfur salt and cement.

Meanwhile, commodities that experienced a decline in imports were trains, trams and their parts, plastics and plastic goods, precious metals and jewellery, iron and steel, as well as machinery and mechanical equipment.

“For non-oil and gas import commodities, the increase was in pharmaceutical products, which increased by US$185.9 million this July. If we look at it in more detail, this increase was due to an increase in vaccine imports, namely in July there was an increase of US$150. million. So if we look at the additional US$185.9 million of pharmaceutical products, US$150 million is the import of vaccines,” he said.

Based on the country of origin, there was an increase in imports from India US$111.8 million, Argentina US$20 million, Spain US$15.4 million, Turkey US$15.2 million, and Norway US$12.6 million.

Meanwhile, imports decreased from China US$325.3 million, Singapore US$194.1 million, Thailand US$170.9 million, Japan US$150 million, and Malaysia US$143.1 million.

Indonesia’s import share is mainly dominated by China 33.10 percent, Japan 8.48 percent, and the US 5.59 percent.

(ulf / agt)

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