We would like to conclude that this conflict has caused a deficit in our trade balance, the largest deficit of which is with Russia
Jakarta (ANTARA) – Indonesia’s trade balance with the two warring countries, Russia and Ukraine, was in deficit due to the ongoing war, said Margo Yuwono, head of Indonesian statistics (BPS).
“We would like to conclude that this conflict has led to a deficit in our trade balance, the biggest deficit of which is with Russia,” Yuwono noted at a press conference here on Monday.
The BPS chief explained that Indonesia’s top three export products to Russia are animal or vegetable fats and oils, rubber and rubber products, and machinery and electrical equipment.
In January 2022, Indonesia’s export of animal or vegetable fats and oils to Russia was recorded at US$102.4 million, while the figure was recorded at US$102 million in February 2022. However, in March 2022, its value only reached US$58.3 million.
“As a result, there has been a decline in the export of animal or vegetable fats and oils due to the conflict,” he pointed out.
Additionally, exports of rubber and rubber products in March 2022 also fell to just US$600,000 from US$7.1 million in January 2022 and US$7.3 million in February 2022.
The decline in exports also occurred in electrical machinery and equipment, the value of which reached US$11.1 million in January 2022, US$10.7 million in February 2022 and US$2.5 million EU in March.
Thus, the trade balance between Indonesia and Russia in the period January-March 2022 showed a deficit of $204.6 million. This figure has fallen significantly from a surplus of US$42.2 million during the same period in 2021.
Meanwhile, Indonesia’s main export products to Ukraine are animal and vegetable fats and oils, cardboard and shoes.
“In March, there were no exports to Ukraine. It shows that this dispute is interfering with our exports to Ukraine,” Yuwono noted.
Therefore, Indonesia’s trade value with Ukraine for the period January-March 2022 recorded a deficit of US$13.5 million. This figure has fallen considerably from a surplus of US$53.6 million in the same period of the previous year.
“I hope the tensions will be resolved soon, so that we can quickly improve our trade balance with the two countries,” Yuwono said.
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