Jakarta –
The Central Statistics Agency (BPS) noted that Indonesia’s trade balance for the July period was a surplus of US$ 2.59 billion. This surplus has occurred for 15 consecutive months.
Head of BPS Margo Yuwono revealed that the surplus for the July 2021 period was due to the increase in commodity prices. For example, the price of Indonesian crude oil or ICP on the world market rose to US$ 72.17 per barrel compared to the previous month’s US$ 70.23 per barrel.
“Monthly ICP prices on world markets rose 2.76% and on an annual basis rose sharply 77.58%,” he said in a virtual press conference, Wednesday (18/8/2021).
Margo said that from the non-oil and gas sector, there was also an increase in prices such as coal, which increased by 16.93% on a monthly basis and then increased by 194.74% on an annual basis. Then palm oil rose 4.74% on a monthly basis and on an annual basis it rose 52.33%. Then tin prices grew 4.6% on a monthly basis and on an annual basis increased by 94.74%.
In addition, there are commodities whose prices have decreased. Among other things, kernel oil fell 9.28% and increased by 85.76% on an annual basis. Then rubber fell 12.01% on a monthly basis and rose 25.83% on a yearly basis.
Furthermore, copper also experienced a decrease of 1.88% on a monthly basis and an increase of 84.31% on a yearly basis. “These various commodity price developments affect our imports and exports,” he explained.
According to Margo, the increase in commodity prices has made Indonesia’s trade balance a surplus of US$ 2.59 billion. This was caused by exports which reached US$ 17.70 billion and imports of US$ 15.11 billion.
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