Indonesia's Trade Surplus Shrinks in October 2024

According to a report by the Central Bureau of Statistics (BPS), Indonesia's trade balance recorded a surplus of US$2.48 billion in October 2024.

This surplus decreased by 23.38% compared to September 2024 (month-to-month/mtm). Similarly, on a year-on-year basis (year-on-year/yoy), it shrank by 28.70% compared to October of the previous year.

"Thus, Indonesia's trade balance has recorded a surplus for 54 consecutive months since May 2020," said the Acting Head of BPS, Amalia A. Widyasari, in a press conference on Friday, November 15, 2024.

In October 2024, Indonesia's trade balance was supported by the non-oil and gas sector, which recorded a surplus of US$4.80 billion. Contributing commodities included mineral fuels, animal fats and oils, and iron and steel.

However, the surplus was reduced by a trade deficit in the oil and gas sector of US$2.32 billion. This deficit was contributed by oil products and crude oil commodities.

Indonesia's October 2024 trade surplus was largest with India, amounting to US$1.55 billion. The United States contributed a surplus of US$1.52 billion, and the Philippines US$797.4 million.

On the other hand, the largest trade deficit originated from transactions with China, amounting to US$765.6 million. Brazil contributed a deficit of US$387.9 million, and Thailand US$336.8 million.

Cumulatively, from January to October 2024, the oil and gas sector experienced a deficit of US$17.39 billion, while the non-oil and gas sector recorded a surplus of US$41.82 billion. Therefore, Indonesia's trade balance showed a surplus of US$24.43 billion over these ten months.