Indonesia’s Trade Surplus Continues, But Faces Headwinds

16 Jan 2025 Valdy

Balance of Trade: US$ 2.24 billion
Export: US$ 23.46 billion
Import: US$ 21.22 billion

Indonesia’s trade balance surplus decreased by 48.74% MoM to US$2.24 billion in December 2024 (Figure 1). Nevertheless, this continues the surplus trend that has persisted for 56 consecutive months since May 2020. The decline in Indonesia’s trade balance surplus was due to a decrease in the non-oil and gas surplus to US$4.00 billion in December 2024 from US$5.62 billion in November 2024 (-28.8% MoM). Export performance was supported by significant export commodities of natural resources such as coal, palm oil, its derivatives, and iron and steel. Meanwhile, the oil and gas balance showed an increase in deficit to US$1.76 billion in December 2024 from a deficit of US$1.26 billion in November 2024. This was caused by the rise in domestic oil and gas demand volume, leading to higher imports of crude oil products (27.5% MoM) and an increase in the average price of oil and gas imports (0.6% MoM).

By PHINTRACO SEKURITAS | Research
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