The Central Statistics Agency (BPS) recorded a trade balance surplus of USD 4.42 billion in November 2024. This surplus is higher compared to the previous month’s USD 2.48 billion and the same period last year, which stood at USD 2.41 billion. 

 

“Indonesia's trade balance has recorded a surplus for 55 consecutive months since May 2020,” said Acting Head of BPS, Amalia Adininggar Widyasanti, during a press conference on Monday, December 16. 

 

Amalia explained that the surplus in November 2024 was driven by non-oil and gas commodities. “The main contributors to this surplus were mineral fuels, animal and vegetable fats and oils, as well as iron and steel,” said Amalia. 

 

BPS reported that the non-oil and gas sector recorded a surplus of USD 5.67 billion, while the oil and gas sector still experienced a deficit of USD 1.25 billion. 

 

Export Performance 

 

BPS recorded that Indonesia's export value in November 2024 reached USD 24.01 billion, a decline of 1.70% compared to October 2024. However, compared to November 2023, this export value increased by 9.14%. 

 

Amalia explained that non-oil and gas exports in November 2024 reached USD 22.69 billion. “This figure decreased 1.67% compared to October 2024 but increased 9.54% compared to non-oil and gas exports in November 2023,” said Amalia. 

 

Cumulatively, BPS noted that Indonesia's export value from January to November 2024 reached USD 241.25 billion, an increase of 2.06% compared to the same period in 2023. Non-oil and gas exports, which dominate the total, rose 2.24% to USD 226.91 billion. 

 

Among the top ten non-oil and gas export commodities in November 2024, Amalia stated that some commodities experienced declines. “The largest decline was seen in animal or vegetable fats and oils, which dropped by USD 317.9 million or 10.48%. Meanwhile, the biggest increase was in nickel and its products, which rose by USD 467.6 million or 87.26%,” said Amalia. 

 

Import Performance 

 

BPS also recorded Indonesia’s import value in November 2024 at USD 19.59 billion, a decline of 10.71% compared to October 2024, but a slight increase of 0.01% compared to November 2023. Oil and gas imports saw the steepest decline, dropping 29.88% year-on-year to USD 2.57 billion. 

 

Meanwhile, non-oil and gas imports in November 2024 amounted to USD 17.02 billion, down 6.87% compared to October 2024 but up 5.71% compared to November 2023. 

 

BPS highlighted that the electrical machinery and equipment sector experienced the largest decline in imports, falling by USD 404.4 million or 15.49% compared to October 2024. On the other hand, the sugar and confectionery sector saw the largest increase, rising by USD 75.8 million or 25.19%. 

 

Original article here

This article is published in partnership with Katadata