Indonesia's Trade Surplus Soars 77.97% in November 2024

According to a report by the Central Statistics Agency (BPS), Indonesia's trade balance recorded a surplus of US$4.42 billion in November 2024.

This surplus surged 77.97% month-to-month (mtm) compared to October 2024 and increased 83.25% year-on-year (yoy) compared to November of the previous year.

"Thus, Indonesia's trade balance has recorded a surplus for 55 consecutive months, since May 2020," said the Acting Head of BPS, Amalia A. Widyasari, in an online press conference on Monday (15/12/2024).

In November 2024, Indonesia's trade balance was supported by the non-oil and gas sector, with a surplus of US$5.67 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$1.25 billion. This deficit was contributed by oil products and crude oil.

The largest trade surplus in November came from transactions with the United States, amounting to US$1.58 billion. India contributed a surplus of US$1.12 billion, and the Philippines US$770.3 million.

Meanwhile, the largest trade deficit originated from transactions with Brazil, amounting to US$344.5 million. This was followed by Australia with a deficit of US$323.1 million and China with US$283.2 million.

Cumulatively, from January to November 2024, the oil and gas sector experienced a deficit of US$18.64 billion, while the non-oil and gas sector recorded a surplus of US$47.50 billion. Therefore, from the beginning of the year to November 2024, Indonesia's trade balance showed a surplus of US$28.86 billion.