ASIATODAY.ID, JAKARTA – Indonesia’s non-oil and gas trade balance with the United States (US) in the last 10 years has continued to increase.
As of October, Indonesia’s trade balance surplus with the US was recorded at $13.55 billion.
Acting Head of the Indonesian Central Statistics Agency (BPS), Amalia A. Widyasanti, said in her presentation that the surplus position as of October was almost close to the realized surplus in 2023 which reached US$14.01 billion.
“The main commodities exported to the US are clothing and accessories (not HS 62 knits) and clothing and accessories (HS 61 knits),” he said in a press conference, Friday, November 15 2024.
Apart from HS 61 and HS 62 which are the main milestones for export commodities to the US from 2013 to October 2024, rubber commodities and rubber goods (HS 40) are also noted to be a favorite for US citizens. Other commodities, namely electrical machinery and equipment and their parts (HS 85) and footwear (HS 64) are routinely exported to the US.
In the last 10 years, the highest trade balance surplus was achieved in 2022 with a value of US$18.87 trillion.
Historically, non-oil and gas exports in 2013 were recorded at US$15.08 billion. Then in 2023 exports will reach US$23.23 billion. As of October 2024, non-oil and gas exports to the US have reached US$21.51 billion.
Meanwhile, the value of imports made by Indonesia from the US tends to stagnate. In 2013 it was US$8.87 billion. Then in 2023 imports will increase to US$9.22 billion.
As of October 2024, non-oil and gas imports to the US will reach US$7.96 billion. The main commodities imported from the US are machines and mechanical equipment and their parts (HS 84), seeds and fruit containing oil (HS 12), and food dregs (HS 23).
Cumulatively this year, Indonesia’s trade balance recorded a surplus of US$24.43 billion, originating from a non-oil and gas surplus of US$41.82 billion, but this was corrected by a deficit from the oil and gas balance of US$17.39 billion.
Indonesia’s trade balance surplus specifically for October 2024 is worth US$2.48 billion or down US$0.75 billion on a monthly basis. In percentage terms, the surplus fell 0.76% monthly (month to month/MtM) and 1% annually (year on year/YoY). (AT Network)
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