Indonesia’s Trade Balance Surplus increased to US$2.66 billion in November 2025 from US$2.39 billion in October 2025 (Figure 1). This increase was driven by a rise in non-oil and gas surplus to US$4.64 billion in November 2025 from US$4.31 billion in October 2025, with surplus-supporting commodities including animal and vegetable fats, iron and steel materials, and nickel and its derivatives. Meanwhile, the oil and gas trade balance deficit widened to US$1.98 billion in November 2025 from US$1.92 billion in October 2025, primarily due to crude oil and oil products. The NPI surplus has remained positive for 67 consecutive months since May 2020. The United States recorded the largest surplus of US$16.54 billion, while China posted the largest deficit of US$17.74 billion during January-November 2025.