June 2023 Trade Balance: Record Surplus of US$ 3.45 Billion, Driven by Vegetable Oil, Including Palm Oil

Palm Oil Magazine
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PALMOILMAGAZINE, JAKARTA – Trade performance is showing signs of optimism, as indicated by Minister of Trade, Zulkifli Hasan. In June 2023, Indonesia’s trade balance achieved a surplus of US$3.45 billion, a significant increase compared to May 2023, which had a surplus of US$0.43 billion.

The surplus in June was mainly driven by non-oil and gas exports, reaching US$4.41 billion, while there was a deficit of US$0.96 billion in the oil and gas sector. The Ministry of Trade aims to boost non-oil and gas exports, including to non-traditional countries, to further accelerate the positive trade trend.

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Minister Zulkifli expressed his satisfaction with the trade surplus, stating that the June 2023 surplus of US$3.45 billion has contributed to an overall cumulative trade balance surplus in the first semester of the year. This promising performance indicates potential economic growth for Indonesia.

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He also said, according to trade partners, trade surplus from Indonesia in June 2023 took place to the major countries, such as, India that reached US$ 1,12 billion. This happened for the increasing fat and vegetable/animal oil (HS 15) including palm oil, mineral/coal fuel (HS 27), and precious metals/jewelry/gems (HS 71). The trade surplus also took place in USA that reached US$ 1,05 billion; Philippine that reached US$ 0,83 billion. While deficit in June 2023 happened in Australia (US$ 0,52 billion), Thailand (US$ 0,20 billion), and South Korea (US$ 0,16 billion).

In cumulative, Minister Zulkifli Hasan said, in the first Semester 2023 (January -June), trade balance in Indonesia got surplus US$ 19,93 billion. The numbers were lower than those in the first semester of 2022 that reached US$ 24,99 billion. The surplus happened for non-oil and gas sector that reached US$ 28,73 billion and oil and gas deficit that reached US$ 8,80 billion.

“Though trade balance got surplus in the first semester this year, the decreasing surplus last year in the same period needs extra attention from many parties. Ministry of Trade would also focus to accelerate increase non-oil and gas sectors, including to non-traditional countries,” he said. (T2)

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