Indonesia's Trade Surplus Plummets 48.72% in December 2024

The Central Statistics Agency (BPS) reported that Indonesia's trade balance recorded a surplus of US$2.24 billion in December 2024.

This surplus decreased by 48.72% month-to-month (mtm) compared to November 2024 and by 3.30% year-on-year (yoy) compared to December of the previous year.

"Thus, Indonesia's trade balance has recorded a surplus for 56 consecutive months, or since May 2020," said Acting Head of BPS Amalia Adininggar Widyasanti in an online press conference on Wednesday (15/1/2025).

In December 2024, Indonesia's trade balance was supported by the non-oil and gas sector with a surplus of US$4 billion. Contributing commodities included mineral fuels, animal fats and oils, and iron and steel.

However, this surplus was reduced by a trade deficit in the oil and gas sector of US$1.76 billion. This deficit was contributed by oil products and crude oil commodities.

The largest trade surplus last month came from transactions with the United States, amounting to US$1.75 billion. India contributed a surplus of US$1.02 billion, and the Philippines US$641 million.

Meanwhile, the largest trade deficit originated from transactions with China, amounting to US$1.49 billion. This was followed by Australia, contributing a deficit of US$493.5 million, and Brazil, US$329.6 million.

Cumulatively, throughout 2024, the oil and gas sector experienced a deficit of US$20.40 billion, while the non-oil and gas sector recorded a surplus of US$51.44 billion. Therefore, from the beginning to the end of 2024, Indonesia's trade balance showed a surplus of US$31.04 billion.