Agricom.id, JAKARTA – The trade balance in Indonesia was surplus in November 2020. It continued the good achievement since May 2020.

“The trade balance surplus in November 2020 reached US$ 2,61 billion. Though the surplus got decreasing compared to the surplus in October which reached US$ 3,58 billion, the surplus in November was the third highest one in 2020,” Minister of Trade, Agus Suparmanto said, as in the official statement toAgricom.id.

He also mentioned that the trade surplus in November was different from other surplus in the previous. It happened for the better exports than imports.

Minister Agus also explained that the trade balance surplus in Indonesia in November 2020 derived from the surplus in non-oil and gas sector reaching US$ 2,94 billion and deficit in oil and gas reaching US$ 322,9 million. Though the deficit of oil and gas sector in November decreased, but the trade balance surplus was totally smaller than it in October. The decreasing trade balance surplus in November happened for the massive decreasing surplus in non – oil and gas sectors compared to those in October.

Non – oil and gas surplus in November 2020 reached US$ 2,94 billion, decreased US$ 1,10 billion compared to those in October 2020 which reached US$ 4,04 billion. In oil and gas sector, trade balance deficit in November reached US$ 322,9 million, decreased US$ 142,5 million compared to oil and gas deficit in October which reached US$ 465,4 million.

Exports in November 2020 Increased

In November 2020 the exports from Indonesia reached US$ 15,28 billion, increased 6,36 percent (MoM) or 9,54 percent (YoY). Minister Agus told that the exports in November 2020 happened for the increasing exports of fatty and vegetable oil, materials of mineral, iron and steel, machine and tools from machines. The whole sectors positively contributed to the increasing exports in November – the agriculture did 6,33 percent (MoM) or 33,33 percent (YoY), the manufacture did 2,95 percent (MoM) or 14,47 percent (YoY), and the mining did increase 25,08 percent (MoM) or 2,05 percent (YoY).

In the Covid-19 pandemic, the total exports from Indonesia in January - November 2020 reached US$ 146,78 billion, slightly decreased reaching 4,22 percent (YoY). In non – oil and gas in the same period, non – oil gas sector decreased 2,18 percent, oil and gas sector did decrease 31,59 percent.

“The November exports showed the better economic recovery globally. Heading to one year that Covid-19 hits, the people whole over the world adapt to implement the health protocols to prevent the spread. It means that the people could do many things, work productively and the economy globally get better,” he said.

The increasing exports from Indonesia in November 2020 to other countries were to China reaching 16,17 percent (MoM), Japan reaching 11,67 percent (MoM), India reaching 10,04 percent (MoM), Australia 16,56 percent (MoM), and South Korea reaching 7,12 percent (MoM). The exports to some ASEAN countries and European Union keeps increasing, such as, to Malaysia and Thailand reaching 24,5 percent and 8,79 percent for each; to German and Netherland reaching 35,38 percent (MoM) and 7,52 percent (MoM).

Imports of Kinds of Products Increased

The imports to Indonesia in November 2020 reached 17,40 percent (MoM) or US$ 12,66 billion. If compared to November 2019, the import significantly decreased about 17,46 percent. The increasing imports in November 2020 happened for the increasing oil and gas import reaching 0,59 percent (MoM) or about US$ 6,3 million and the increasing non – oil and gas import reached 19,27percent (MoM) or about US$ 1,87 billion.

The increasing oil and gas import was the same with the energy consumption and the people’s activity. The significant non-oil and gas imports reached US$ 11,58 billion or increased 19,27 percent (MoM) but they decreased 12,33 percent (YoY). It was from the machine product imports and the increasing electrict import reaching 23,82 percent (MoM) or about US$ 354,4 million.

In product usage, the biggest increasing imports derived from the modal goods reaching 31,54 percent (MoM) or about US$ 2,43 billion; the increasing imports of consumption products reaching 25,52 percent (MoM) or about US$ 1,3 billion, and material/the support reaching 13,02 percent (MoM) or about US$ 8,93 billion. Minister Agus told that the roles of material/the support reached 70,51 percent of the total imports to Indonesia in November 2020.

In cumulative, the imports to Indonesia in January - November 2020 reached US$ 127,13 billion, or decreased 18,91 percent (YoY). In the period, the import of product groups decreased compared to the same period in last year, such as, consumption products (decreased 12,59 percent (YoY)), materials/supports (decreased 19,78 percent (YoY)), and modal goods (decreased 18,61 percent (YoY)).

Non – oil and gas imports to Indonesia in January–November 2020 were dominated by China reaching US$ 34,91 billion (or about 30,53 percent of the total non-oil and gas import to Indonesia), Japan reaching US$ 9,77 billion (8,54 percent), and Singapore reaching US$ 7,38 billion (6,45 percent).

From the region, non-oil and gas imports from ASEAN reached US$ 21,16 billion or contributed 18,50 percent to non-oil and gas imports to Indonesia. The imports from European Union reached US$ 9,06 billion or about 7,92 percent.

“During Covid-19 pandemic, imports from China significantly increased. It happened for the Covid-19 pandemic which is relatively faster than it in other countries and the stocks from China became the main alternative for Indonesia,” he said. (A2)