Indonesia Maintains 53-Month Trade Surplus Streak Despite Export Decline
Jakarta. The Central Statistics Agency (BPS) reported a trade surplus of $3.26 billion (Rp 50.79 trillion) for September 2024. This surplus increased by $480 million compared to August 2024 but contracted by $150 million compared to September 2023.
Exports reached $22.08 billion in September 2024, marking a 5.8 percent decline from August 2024, while showing a year-on-year growth of 6.44 percent. Meanwhile, Indonesia's imports for September 2024 totaled $18.82 billion, down 8.91 percent from the previous month, but up 8.55 percent compared to September 2023.
Economists had anticipated a decline in export figures due to falling coal prices and a slowdown in global manufacturing activity. This trend is reflected in the Purchasing Managers' Index (PMI) for Indonesia's key trading partners, including the US, China, and Europe, all of which continue to show signs of contraction.
"The trade surplus for September 2024 is higher than the previous month but lower than in the same month last year. Thus, Indonesia has recorded a surplus for 53 consecutive months since May 2020," said Acting Head of BPS Amalia Adininggar Widyasanti during a press conference at the BPS office on Tuesday.
She said that the September 2024 surplus was bolstered by a non-oil and gas surplus of $4.62 billion, with key contributors including mineral fuels, fats and oils, and iron and steel.
"However, for oil and gas commodities, Indonesia recorded a deficit of $1.36 billion, which was attributed to both refined and crude oil," Amalia added.
When examining trade partners, the three countries contributing most to the surplus in September 2024 were the United States ($1.38 billion), India ($942.1 million), and the Philippines ($783.9 million). Conversely, the countries with the largest deficits were China ($630.7 million), Australia ($369.4 million), and Singapore ($317.9 million).
Cumulatively, the trade balance from January to September 2024 shows a surplus of $21.98 billion, down $5.75 billion from the same period in 2023. Breaking it down, the non-oil and gas trade surplus stood at $37.03 billion, which is $4.67 billion lower than the previous year. At the same time, the oil and gas trade deficit amounted to $15.05 billion, an increase of $1.07 billion compared to the same period last year.
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