Jakarta. Indonesia has maintained a trade surplus for the 57th consecutive month since May 2020 as the country’s exports surpassed its imports by $3.45 billion in January, according to the Central Statistics Agency (BPS) on Monday.

The latest figures were larger than the $2.24 billion surplus that Indonesia had logged the previous month. The overall surplus had also jumped $1.45 billion year-on-year compared to January 2024, BPS announced. 

BPS attributed the $3.45 billion surplus in January to the positive trade balance of non-oil and gas commodities, which amounted to $4.88 billion last month. Mineral fuels, animal fat, and vegetable oils, as well as iron and steel, were among the top contributors to the surplus. 

Southeast Asia’s largest economy, however, suffered a $1.43 billion deficit in oil and gas trade in January. But these figures marked a decline from the $1.76 billion oil and gas deficit recorded by the end of 2024, BPS reported.

“The US, India, and the Philippines became the largest contributors to our surplus. … We registered a positive trade balance worth $1.58 billion with the US,” Amalia Adininggar Widyasanti, the acting head of BPS, told a press briefing.

Washington has consistently been making up the lion’s share of Indonesia’s surplus, but the positive trade balance had shrunk from $1.75 billion in December 2024 to $1.58 billion in January -- the same month US President Donald Trump returned to the White House. Indonesia posted a $772.3 million surplus with India in January. The surplus with fellow ASEAN member Philippines reached $729.1 million over the same period.

“We saw a $1.77 billion deficit with China in January,” Amalia said.

Australia became the second biggest contributor to Indonesia’s deficit, reaching $185.2 million early this year, followed by the $133.6 million deficit with Ecuador. Indonesia had imported $136.79 million worth of Ecuadorian cacao in January.