BRICS Nations Account for 34% of Indonesia's Non-Oil and Gas Exports in 2024
Jakarta. Indonesia’s non-oil and gas exports to the five major BRICS nations reached $84.37 billion in 2024, accounting for nearly 34 percent of the country’s total non-oil and gas export value, according to the Central Statistics Agency (BPS).
Amalia Adininggar Widyasanti, acting head of BPS, said that Indonesia's expanding trade relations with BRICS nations present a significant economic opportunity following its recent entry into the bloc.
"Exports to the five BRICS nations contributed 33.91 percent to Indonesia’s overall non-oil and gas exports in 2024," she said.
China remains the top destination for Indonesian exports, with 24.2 percent of the total, mainly driven by iron and steel exports valued at $16.07 billion. India follows as the second-largest market, accounting for 8.17 percent. with key exports including coal and crude palm oil.
Indonesia sees potential for increasing exports to South Africa, where it currently has the smallest share of trade among the BRICS nations. Exports to South Africa amounted to $0.78 billion in 2024, primarily driven by animal and vegetable fats and oils, which totaled $316.71 million.
Exports to Brazil and Russia stood at $1.7 billion and $1.31 billion, respectively. Both countries’ main imports from Indonesia were animal and vegetable fats and oils, with contributions of $476.51 million to Brazil and $733.9 million to Russia.
Meanwhile, Indonesia’s trade balance for 2024 showed a surplus of $31.04 billion, down $5.84 billion from 2023, according to BPS. The non-oil and gas trade balance posted a surplus of $51.44 billion, while the oil and gas sector recorded a $20.4 billion deficit, though this was a slight improvement from the previous year.
Exports in 2024 totaled $264.7 billion, a 2.29 percent increase from 2023, while imports reached $233.66 billion, a 5.31 percent rise.
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