Indonesia's Trade Balance Records Surplus Again in April 2024

The Central Statistics Agency (BPS) reported that Indonesia's trade balance recorded a surplus of US$3.56 billion in April 2024.

"Indonesia's trade balance has recorded a surplus for 48 consecutive months since May 2020, or for four consecutive years," said Pudji Ismartini, Deputy for Distribution and Service Statistics at BPS, in a press conference on Wednesday (May 15, 2024).

However, the April 2024 surplus decreased by US$1.02 billion or 5.17% (month-to-month/mtm) compared to March 2024, which had a surplus of US$4.58 billion.

The April 2024 surplus was supported by the non-oil and gas sector, amounting to US$5.17 billion. Some contributing commodities include mineral fuels, animal or vegetable fats and oils, and iron and steel.

However, this surplus was reduced by the oil and gas sector, which recorded a deficit of US$1.61 billion in April 2024. This is due to lower exports compared to imports of oil and crude oil.

Overall, the April 2024 surplus largely originated from trade with India, which had a surplus of US$1.46 billion. This was followed by the United States, contributing a surplus of US$1.09 billion, and the Philippines with US$699.1 million.

Meanwhile, the three countries contributing the largest trade deficits were Australia (US$438.5 million), Brazil (US$388.3 million), and Germany (US$155.1 million).

Cumulatively, from January to April 2024, the oil and gas sector experienced a deficit of US$6.72 billion. However, the non-oil and gas sector still recorded a surplus of US$17.68 billion.