Jakarta , Apr 17 (IANS): Indonesia posted a trade balance surplus of $2.91 billion in March, marking the 35th surplus since May 2020, authorities said on Monday.

According to Statistics Indonesia (BPS), the value of exports in March was $23.50 billion in March, down by 11.33 per cent from the same month last year, while the value of imports was $20.59 billion, down by 6.26 per cent, reports Xinhua news agency.

The highest non-oil and gas exports in the first quarter of 2023 went to the US at $5.83 billion and Japan at $5.41 billion, with a combined contribution of 43.02 per cent to the total export value.

From January to March 2023, Indonesia received non-oil and gas items from Japan worth $4.25 billion, and Thailand $2.92 billion, with a combined contribution of 47.64 per cent.

"The surplus mainly came from the non-oil and gas sector of $4.58 billion, but reduced by a deficit in the oil and gas sector of $1.67 billion," said BPS Deputy for Statistical Methodology and Information, Imam Machdi, in a press conference.