Indonesia continued its streak of trade surpluses last month, showcasing resilience even as oil imports saw an increase, affecting the surplus marginally. Amalia Adininggar Widyasanti, interim head of Statistics Indonesia (BPS), reported on Monday that June marked the 50th consecutive month of trade surplus. Exports totaled US$20.84 billion, surpassing imports at US$18.45 billion, resulting in a surplus of US$2.39 billion, albeit slightly lower than previous months.
The increase in oil imports by 19% in June impacted the trade surplus, reflecting a 47% rise in value year-on-year due to higher volumes and prices. However, excluding oil and gas products, the trade surplus would have shown an improvement from the previous month.
David Sumual, chief economist at BCA, attributed the increase in oil imports to logistical adjustments by state-owned oil company Pertamina. He noted that despite the monthly fluctuations, Indonesia’s overall trade performance remains robust.
Hosianna Evalita Situmorang, economist at Bank Danamon, highlighted that the rise in oil imports was partly seasonal, driven by increased mobility during school holidays. She emphasized that other sectors like manufacturing showed resilience, even amidst challenges like a decline in the Purchasing Managers’ Index (PMI).
China retained its position as Indonesia’s largest trading partner, with trade volumes totaling US$9.99 billion in June. Despite global economic fluctuations, Indonesian exports to China grew by 2.63% in the second quarter, demonstrating ongoing demand stability.
Looking ahead, economists remain cautiously optimistic about Indonesia’s trade prospects, expecting continued resilience despite global economic fluctuations.
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