Indonesia's Monthly Trade Balance Surplus Rises in August 2024

The Central Statistics Agency (BPS) reported that Indonesia's trade balance recorded a surplus of US$2.90 billion in August 2024.

BPS Deputy for Distribution and Service Statistics, Pudji Ismartini, explained that the August 2024 trade surplus increased by US$2.40 million or 2.40% month-to-month (mtm).

However, year-on-year (yoy), the Indonesian surplus decreased by 0.22% compared to August 2023.

"Thus, Indonesia's trade balance has recorded a surplus for 52 consecutive months since May 2020," said Pudji in an online press conference on Tuesday (17/9/2024).

Indonesia's trade surplus was supported by the non-oil and gas sector, which amounted to US$4.34 billion in August 2024. Contributing commodities included mineral fuels, animal fats and oils, and iron and steel.

The surplus last month was also eroded by a deficit in the oil and gas sector of US$1.44 billion, contributed by oil and crude oil commodities.

Overall, Indonesia's trade surplus in August 2024 originated mostly from transactions with the United States, with a surplus value of US$1.70 billion.

Next was India, contributing a surplus of US$1.08 billion, and the Philippines, with US$847.3 million.

Meanwhile, the largest trade deficit originated from transactions with China, with a deficit of US$1.10 billion.

Then Australia, contributing a deficit of US$549.7 million, and Singapore, with US$312.8 million.

Cumulatively, from January to August 2024, the oil and gas sector experienced a deficit of US$13.69 billion. Meanwhile, the non-oil and gas sector had a surplus of US$32.54 billion. Therefore, Indonesia's trade balance recorded a surplus of US$18.85 billion over these eight months.