Indonesia Extends Trade Surplus for 47 Consecutive Months

Indonesia extended its trade surplus for 47 consecutive months in March 2024, the Central Statistics Agency (BPS) announced on Monday (22/4/24,) reaching USD 4.47 billion in March this year, according to reporting from Tempo.

“The trade surplus in March 2024 is higher than the previous month and the same month last year,” BPS acting head Amalia Adiningar Widyasanti said at a press conference in Jakarta.

Amalia said the surplus was contributed by the non-oil and gas sector, amounting to USD 6.51 billion, while the oil and gas sector had a deficit of USD 2.04 billion.

“The three countries contributing the largest surplus in 2024 are the United States with USD 1.50 billion, India with USD 1.43 billion, and the Philippines with USD 771.7 million,” she said.

Meanwhile, Indonesia’s export value in March 2024 reached USD 22.43 billion, an increase of 16.40 percent compared to February. On a year-on-year basis, the export value declined by 4.19 percent, reports Tempo.

Despite the strong trade figures, Trimegah Securities economist Fakhrul Fulvian expects the central bank to take a hawkish stance at its policy meeting this week to protect the vulnerable rupiah. The currency, hit by a strengthening dollar and rising tensions in the Middle East, plunged to its lowest level last week. The rupiah rebounded 0.12 percent on Monday, but is still close to its weakest level since 2020.

Reuters poll on Monday showed that 29 of 35 analysts expected the central bank to keep its benchmark interest rate unchanged during its April 23 to 24 meeting, while six predicted a 25-bps hike.

The same poll also showed analysts scaling back their expectations for a rate cut in Indonesia next quarter, compared with expectations for a cut in the Q2 in a March poll, followed by another cut to 5.50 percent at the end of December, according to Tempo.

 

Source: Tempo

Stock image by Tom Fisk on Pexels 

Latest Article
Nongsa Digital Park Batam: Foreign Investors Attraction
Nongsa Digital Park (NDP), part of the Nongsa Special Economic Zone (SEZ), is a dedicated digital business...
15 Foreign Investors Show Interest in Indonesia’s Textile Industry
Indonesia’s textile and textile product industry is set to attract 15 foreign investors, according to...
Central Java Opens 17 Key Investment Opportunities
The Central Java Provincial Government has opened doors to 17 lucrative investment opportunities across...
Jakarta Property Market Shows Resilience in 2024
  With a new era of government leadership, Indonesia’s property market is set for a fresh wave of...
Indonesia Targets Shadow Economy for Tax Revenue
  Indonesian government is currently targeting shadow economy, or underground economy, as a significant...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.