Jakarta. Indonesia recorded a $0.95 billion (Rp 15.97 trillion) trade surplus in January 2026, extending the country’s surplus streak to 69 consecutive months, although the figure narrowed sharply from the previous month as exports declined more steeply than imports.

Data released Monday by the Central Statistics Agency (BPS) showed Indonesia’s exports reached $22.16 billion in January, rising 3.39% year-on-year (YoY), while imports jumped 18.21% to $21.21 billion.

BPS Deputy Chief Statistician for Distribution and Services Statistics Ateng Hartono said the surplus was mainly supported by non-oil and gas commodities despite a persistent deficit in the energy sector.

“Indonesia’s trade balance recorded a surplus of $0.95 billion in January 2026. This means the country has maintained a trade surplus for 69 consecutive months since May 2020,” Ateng said during a press briefing, Monday.

The non-oil and gas sector posted a surplus of $3.22 billion, driven by shipments of animal or vegetable fats and oils, mineral fuels, and iron and steel, while the oil and gas balance recorded a deficit of $2.27 billion, largely due to imports of crude oil and refined fuel products.

Exports were supported mainly by non-migas commodities. BPS reported non-oil and gas exports rose 4.38% YoY to $21.26 billion, while oil and gas exports declined 15.62% to $0.89 billion.

Ateng noted that export growth was particularly driven by several commodities. “The increase in exports was mainly driven by non-oil and gas commodities, especially animal or vegetable fats and oils, nickel and related products, as well as electrical machinery and equipment,” he said. Vegetable oils, including palm oil products, surged 46.05% YoY, while nickel and its derivatives climbed 42.04%.

By sector, manufacturing dominated Indonesia’s non-oil exports at $18.51 billion, followed by mining at $2.32 billion and agriculture, forestry, and fisheries at $0.44 billion.

China, the United States, and India remained Indonesia’s largest export markets, accounting for 43.77% of total non-oil exports.

Imports, meanwhile, increased significantly across all categories. Non-oil and gas imports rose 16.71% to $18.04 billion, while oil and gas imports climbed 27.52% to $3.17 billion. According to Ateng, the rise was largely driven by purchases of raw materials and capital goods. “The increase in imports was mainly driven by non-oil and gas imports, particularly raw materials and intermediate goods, which contributed the largest share to import growth,” he said.

Imports of capital goods surged 35.32% YoY, while raw materials and intermediate goods rose 14.67%.

Despite the surplus, the January figure marked the lowest January surplus since 2021, reflecting weaker export momentum at the start of the year.

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