Jakarta. Indonesia announced Tuesday that it had booked a $4.30 billion surplus in May, maintaining the 61-month positive trade balance it has kept since May 2020.

According to the Central Statistics Agency (BPS), Indonesia’s monthly trade surplus is now back in billions after dropping to a record low of just $160 million in April. The latest figures reflected a huge growth compared to the $2.94 billion surplus in May 2024. A surplus means a country’s exports exceed its imports, while a deficit is the other way around. 

“It’s all thanks to our positive non-oil and gas trade balance, which is mainly driven by vegetable/animal fat and oils, mineral fuels, as well as iron and steel,” Pudji Ismartini, a deputy at BPS, told a hybrid presser.

Crude palm oil -- of which Indonesia is the world’s biggest supplier -- falls under the vegetable oil category. The agency reported that the country had enjoyed a $5.83 billion non-oil and gas surplus in May. However, Indonesia ran a $1.53 billion deficit in oil and gas trade that month, something that BPS attributed to imports of crude oil, among others. 

In May alone, Indonesia’s exports hit $24.61 billion, up by 9.68 percent year-on-year (yoy). Imports also jumped 4.14 percent yoy to $20.31 billion, BPS data showed.  

“This year's surplus already reached $15.38 billion as of May, up by $2.32 billion compared to the same five-month period in 2024,” Pudji said. 

The statistics body revealed that the US remained Indonesia’s biggest surplus driver, contributing a whopping $7.08 billion to the January-May positive trade balance. Followed by India ($5.30 billion) and fellow ASEAN member Philippines ($3.69 billion). Indonesia’s five-month deficit with China almost doubled from $4.47 billion to $8.15 billion over the said period.

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