Indonesia's Trade Balance Records 50 Consecutive Months of Surplus Through June 2024

The Central Statistics Agency (BPS) reported that Indonesia's trade balance recorded a surplus of US$2.39 billion in June 2024.

"Indonesia's trade balance has recorded a surplus for 50 consecutive months since May 2020," said the Acting Head of BPS, Amalia Adininggar Widyasanti, in a press conference on Monday (July 15, 2024).

However, the June 2024 surplus decreased by US$1.06 billion or 30.7% year-on-year (yoy) compared to the surplus in June of the previous year.

The June 2024 trade balance surplus was supported by a surplus in the non-oil and gas sector amounting to US$4.43 billion. The main contributing commodities to this surplus were mineral fuels, animal fats and oils, and iron and steel.

This surplus was offset by a deficit in the oil and gas sector of US$2.04 billion. The contributing commodities to this deficit were oil products and crude oil.

Overall, Indonesia's largest trade surplus in June 2024 came from transactions with India, with a surplus value of US$1.46 billion.

Next was the United States, contributing a surplus of US$1.21 billion, and the Philippines with US$694.8 million.

Meanwhile, the largest trade deficit originated from transactions with China, with a deficit value of US$693.4 million.

Then there was Australia, contributing a deficit of US$331.1 million, and Thailand with US$327.8 million.

Cumulatively, from January to June 2024, the oil and gas sector experienced a deficit of US$10.11 billion. However, the non-oil and gas sector recorded a surplus of US$25.55 billion. Therefore, in the first half of this year, Indonesia's trade balance showed a surplus of US$15.45 billion.