Indonesia Projected US$37 Billion Trade Surplus in 2021

TheIndonesia.id - Trade Minister Muhammad Lutfi has forecast Indonesia to clock a trade surplus of at least US$37 billion this year.

“This year, our oil and gas trade deficit will reach US$12 billion. However, our non-oil and gas trade surplus will surpass US$45 billion. I am convinced that our (trade) surplus this year will reach at least US$37 billion,” Lutfi noted during a press conference held in a hybrid format on Thursday, December 23, 2021.

The trade surplus stood at $34.32 billion in the year ending November 2021. The minister noted that Indonesia’s exports in 2021 will be the highest since 2011 when the country’s exports were recorded at US$203.5 billion. Until November 2021, the country’s exports had reached US$208 billion.

“We can imagine if our exports in December are consistent with the first 11 months, Indonesia’s exports will hit a record high of US$230 billion (in 2021),” he pointed out.

The figure suggests that Indonesia’s exports had evolved from primary commodities to processed goods.

“If we look at the year 2011, three of the five export commodities were the primary commodities or mineral commodities, such as coal, rubber, and metal ore. This year, these commodities have evolved into industrial goods,” he remarked.

The minister noted that a decade back, he would have never imagined that steel ore would be one of the country’s key export commodities currently. The other key export commodities are electronics and automotive.