The Minister of Trade announced that Indonesia's trade balance in August 2023 registered a trade surplus of USD 3.12 billion. The surplus in August comprises a non-oil and gas surplus of USD 4.47 billion and an oil and gas deficit of USD 1.34 billion. Indonesia's trade balance also recorded a surplus of USD 3.12 billion. This surplus is higher compared to July 2023, which stood at USD 1.29 billion. Based on trading partner countries, Indonesia's largest trade surplus in August 2023 was with India, amounting to USD 1.39 billion. This surplus was driven by commodities such as vegetable fats and oils (HS 15), mineral fuels (HS 27), as well as ores, slag, and ash (HS 26). Other significant surpluses were with the United States (USD 1.16 billion) and the Philippines (USD 0.83 billion). Cumulatively, in the period from January to August 2023, Indonesia's trade balance recorded a surplus of USD 24.34 billion. The surplus was driven by the non-oil and gas sector at USD 36.39 billion and an oil and gas sector deficit of USD 12.05 billion.
Indonesia's Export Performance in August 2023 Rises Indonesia's exports in August 2023 reached USD 22.00 billion, an increase of 5.47% compared to July 2023 (MoM). This growth in August's exports was driven by a 5.35% increase in non-oil and gas exports and a 7.50 percent increase in oil and gas exports (MoM). The improvement in export performance occurred across all sectors in August 2023. The mining sector experienced the highest export growth at 15.37 percent, followed by the oil and gas sector at 7.50%, agriculture at 3.36%, and industry at 3.22% (MoM). Some of the key non-oil and gas export products that increased in August 2023 include ores, slag, and ash (HS 26), which rose by 223.50%; knitted clothing and accessories (HS 61), up by 46.16%; copper and articles thereof (HS 74), up by 30.66%; coffee, tea, and spices (HS 09), up by 8.08%; and animal and vegetable fats and oils (HS 15), up by 7.56% (MoM). The primary export destinations for non-oil and gas from Indonesia in August 2023 were China, with exports valued at USD 5.38 billion, followed by the United States (USD 2.13 billion), and India (USD 1.84 billion). Leading up to the ASEAN Summit held in early September 2023, Indonesia's non-oil and gas export performance to the ASEAN region in August 2023 increased by 5.98% (MoM), driven mainly by increased exports to the Philippines and Myanmar, which increased by 14.11% and 22.58% (MoM).
