May 2024 Trade Balance Shows Surplus Again, 49th Consecutive Month

The Central Statistics Agency (BPS) reported that Indonesia's trade balance recorded a surplus of US$2.93 billion in May 2024.

This achievement is 0.21% higher than the April 2024 surplus (month-to-month/mtm) and increased by 2.5% compared to the surplus in May of the previous year (year-on-year/yoy).

"Thus, Indonesia's trade balance has recorded a surplus for 49 consecutive months since May 2020," said BPS Deputy for Production Statistics M. Habibullah in a press conference on Wednesday (June 19, 2024).

Habibullah stated that the May 2024 surplus was supported by the non-oil and gas sector, valued at US$4.26 billion. The main commodities contributing to the surplus were mineral fuels, animal and vegetable fats and oils, and iron and steel.

However, this surplus was reduced by a US$1.33 billion deficit in the oil and gas sector. The main commodities contributing to the deficit were oil products and crude oil.

Indonesia's trade surplus in May 2024 originated mostly from transactions with India, with a surplus value of US$1.55 billion. This was followed by the United States, contributing a surplus of US$1.2 billion, and Japan with US$742.2 million.

Meanwhile, the largest trade deficit originated from transactions with China, with a deficit value of US$1.31 billion. This was followed by Australia, contributing a deficit of US$539.3 million, and Thailand with US$320.2 million.

Cumulatively, in the January-May 2024 period, the oil and gas sector experienced a deficit of US$8.07 billion. However, the non-oil and gas sector recorded a surplus of US$21.13 billion, resulting in a total surplus of US$13.06 billion for Indonesia's trade balance.