Indonesia's Trade Surplus Falls 80% in July 2024

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Nabilah Muhamad 15/08/2024 14:14 WIB

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According to BPS data, Indonesia's trade surplus in July 2024 reached US$472 million, an 80% decrease from the previous month and a 63% decline year-on-year.

Indonesia's Trade Balance Surplus by Month (July 2023-July 2024*)

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Indonesia's Trade Balance Surplus by Month (July 2023-July 2024*)

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According to the Central Bureau of Statistics (BPS) report, Indonesia achieved a trade surplus of US$472 million in July 2024.

This figure represents an 80% decrease month-to-month (m-o-m) compared to June 2024, which had a surplus of US$2.39 billion, and a 63% decrease year-on-year (y-o-y) compared to July of the previous year, which had a surplus of US$1.29 billion.

The July 2024 surplus stemmed from a US$2.60 billion non-oil and gas trade surplus, but was reduced by a US$2.13 billion oil and gas trade deficit.

Based on trading partners, Indonesia's largest surpluses in July 2024 came from trade with the United States (US$1.27 billion), India (US$1.23 billion), and the Philippines (US$742.9 million).

The largest deficits originated from transactions with China (-US$1.70 billion), Australia (-US$602.8 million), and Singapore (-US$402.5 million).

Cumulatively, from January to July 2024, Indonesia achieved a non-oil and gas sector surplus of US$28.16 billion, accompanied by an oil and gas sector deficit of US$12.24 billion, resulting in a total trade surplus of US$15.92 billion.

This figure is down approximately 25% compared to January-July 2023 (cumulative-to-cumulative), which had a total trade surplus of US$21.20 billion.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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