RI reverses trade deficit with tiny July surplus
Indonesia has restored its trade balance to a small surplus in July thanks to surging outbound shipments of crude palm oil and coal.
Indonesia's trade balance returned to a small surplus in July after recording deficits in the previous two months, according to Statistics Indonesia (BPS). The July surplus of US$120 million brought the country back to a positive trade balance after several years. BPS official Hartono Ateng attributed the recovery to surging exports of Indonesia's main commodities, including crude palm oil, iron and steel, and mineral fuels, primarily coal.
The archipelago had enjoyed uninterrupted trade surpluses from early 2020 until May, when a spike in oil and gas prices due to Middle East conflict caused a $1.6 billion deficit. The deficit narrowed to $450 million in June, but the July surplus remains relatively small compared to the country's past multi-billion dollar surpluses.
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