Jakarta. Indonesia has reversed its two-month deficit, with its surplus rising to $120 million in July, according to the central statistics agency BPS.

Indonesia first bade adieu to its six-year surplus after clinching a $1.61 billion deficit in May amid soaring oil prices. The trade gap shrunk to $450 million in June before jumping to a $120 million surplus the following month.

“In July alone, our non-oil and gas surplus reached $3.10 billion,” BPS deputy Ateng Hartono told a press conference on Tuesday, as he attributed the positive trade balance to palm oil.

The deficit in oil trade totaled $2.98 billion that month, driven by oil products and crude.

The July exports alone soared 6.05% year-on-year (yoy) to $26.22 billion. Shipments of non-oil goods totaling $25.43 billion in value. Indonesia’s oil and gas imports skyrocketed by a whopping 49.91% yoy to $3.77 billion in July.

BPS data showed a yawning gap in the seven-month trade balance. Between January and July 2025, Indonesia saw a $23.77 billion surplus, which had now fallen to just $3.70 billion this year. 

China remained the biggest contributor to Indonesia’s deficit, as Southeast Asia’s biggest economy saw a trade shortfall of at least $16.94 billion with Beijing so far in 2026 as of July. Despite the countless tariff salvo, the US added around $10.48 billion in surplus to Indonesia’s trade balance.

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