Indonesia's Trade Balance Records 50 Consecutive Months of Surplus Through June 2024
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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.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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