Indonesia's trade balance maintained a USD2.44 billion surplus in September 2020 after amassing USD2.35 billion one month earlier, thus bringing the trade surplus to USD8.03 billion in the third quarter of 2020.
The trade surplus recorded in the third quarter of 2020 was significantly larger than the USD2.89 billion surplus recorded in the second quarter of 2020.
"Moving forward, Bank Indonesia will continue to strengthen policy synergy with the Government and other relevant authorities in order to bolster external resilience, including the trade balance outlook," said BI Communication Department Head Onny Widjanarko in a press release on Thursday.
The trade surplus recorded in September 2020 was primarily influenced by a non-oil and gas trade surplus, which stood at USD2.91 billion in the reporting period, up from USD2.70 billion one month earlier.
The increase stemmed from a surge of non-oil and gas exports, particularly iron and steel, animal/vegetable fats and oils as well as motor vehicles and components. Meanwhile, non-oil and gas imports have also increased as economic activities gradually restart, including raw materials and capital goods.
On the other hand, the oil and gas trade balance experienced a USD0.47 billion deficit on rising imports, refined products in particular, that exceeded the bump in oil and gas exports.