Indonesia's Trade Balance Remains in Surplus in September 2024

According to a report by Indonesia's Central Bureau of Statistics (BPS), Indonesia's trade balance recorded a surplus of US$3.26 billion in September 2024.

This figure represents a 17% increase month-to-month (mtm) compared to August 2024, but a 4% decrease year-on-year (yoy) compared to September of the previous year.

"Thus, Indonesia's trade balance has recorded a surplus for 53 consecutive months since May 2020," said the Acting Head of BPS, Amalia A. Widyasari, in a press conference on Tuesday (15/10/2024).

In September 2024, Indonesia's trade balance was supported by the non-oil and gas sector, which recorded a surplus of US$4.62 billion. Contributing commodities included mineral fuels, animal fats and oils, and iron and steel.

However, this surplus was offset by a deficit in the oil and gas sector of US$1.36 billion, attributed to oil products and crude oil.

Overall, Indonesia's largest trade surplus in September 2024 stemmed from transactions with the United States, amounting to US$1.38 billion.

This was followed by India, contributing a surplus of US$942.1 million, and the Philippines with US$783.9 million.

On the other hand, the largest trade deficit originated from transactions with China, valued at US$630.7 million. Australia contributed a deficit of US$369.4 million, and Thailand US$317.9 million.

Cumulatively, from January to September 2024, the oil and gas sector experienced a deficit of US$15.05 billion, while the non-oil and gas sector recorded a surplus of US$37.03 billion. Therefore, Indonesia's trade balance showed a surplus of US$21.98 billion over these nine months.