Import Growth Shrinks, July Trade Balance Recorded a surplus of USD 3.26 billion
Friday, 21 August 2020
JAKARTA. The Central Statistics Agency (BPS) announced that Indonesia's trade balance in July had a surplus of USD 3.26 billion, or higher than the surplus in June, which was recorded at USD 1.24 billion.
Cumulatively, the trade balance for the period January-July 2020 recorded a surplus of USD 8.74 billion, with an export value of USD 90.11 billion and import of USD 8.37 billion.
The trade balance surplus in July was driven by an increase in export growth, which reached 14.33% in July compared to June 2020 or month on month (mom), to USD 13.72 billion. When compared to July 2019, exports in July 2020 fell by 9.9%.
The increase in exports occurred for both oil and gas and non-oil and gas exports, which grew respectively 23.77% and 13.86%. The largest increase in non-oil and gas exports occurred in precious metals, jewelry / gems by 79.79% to USD 1.02 billion.
In addition, several goods whose export value has increased include animal / vegetable fats and oils, iron and steel, electrical machinery and equipment, and vehicles and their parts.
Meanwhile, a number of other goods exports still recorded negative growth, such as plastics and goods made of plastic, organic chemical, ores, slag and metal ash, tin and goods made of tin and fertilizer export.
On the other hand, import growth was recorded at minus 2.73% to USD 10.46 billion mom. This condition was caused by the decline in the value of non-oil and gas imports by USD 574.7 million or 5.7% lower than the oil and gas imports in June 2020. While, oil and gas imports increased by 41.53% from June 2020.
When viewed from the type of imported goods, the biggest decline occurred in the type of consumer goods whose growth was minus 21.01%. Meanwhile, imports of supporting raw materials and capital goods grew by -2.5% and 10.82%, respectively.
When viewed from the type of imported goods, the biggest decline occurred in the type of consumer goods whose growth was minus 21.01%. While, imports of raw materials/components and capital goods grew by -2.5% and 10.82%, respectively.
