March 2024 Trade Balance Remains in Surplus for 47 Consecutive Months

The Central Statistics Agency (BPS) reported that Indonesia's trade balance recorded a surplus of US$4.47 billion in March 2024. This achievement continues the surplus trend for 47 consecutive months since May 2020.

"The March 2024 trade balance surplus is larger than the previous month and the same month last year," said the Acting Head of BPS, Amalia A. Widyasanti, in an online press conference on Monday (22/4/2024).

The March 2024 surplus is US$3.6 billion higher than in February 2024. It also increased by US$536.6 million compared to March of the previous year.

BPS detailed that the March 2024 surplus was supported by the non-oil and gas sector, amounting to US$6.51 billion. Some contributing commodities include mineral fuels, animal and vegetable fats and oils, and iron and steel.

On the other hand, the oil and gas trade balance in March 2024 showed a deficit of US$2.04 billion, mainly due to higher imports of oil and crude oil products compared to exports.

Indonesia's March 2024 trade surplus originated mostly from trade with the United States, with a surplus value of US$1.50 billion. This was followed by India, contributing a surplus of US$1.43 billion, and the Philippines with US$771.7 million.

Meanwhile, the three countries contributing the largest trade deficits were Thailand (US$383.9 million), Brazil (US$359 million), and Australia (US$255.6 million).

Cumulatively, in the January-March 2024 period, the oil and gas sector experienced a deficit of US$5.10 billion. However, the non-oil and gas sector still recorded a surplus of US$12.41 billion. Indonesia's trade balance in the first quarter of this year showed a surplus of US$7.31 billion.