Jakarta. Indonesia recorded a trade surplus of $2.24 billion in December 2024, though the surplus decreased by 48.7 percent from the previous month and contracted by 31.9 percent compared to the same period in 2023, according to the Central Statistics Agency (BPS).

Exports reached $23.46 billion in December 2024, marking a 2.24 percent decrease from November 2024. However, exports grew by 4.78 percent compared to the same period in 2023. Meanwhile, Indonesia’s imports for December 2024 totaled $21.22 billion, an 8.1 percent increase from November 2024 and an 11.07 percent rise from December 2023.

“Indonesia's trade balance has recorded a surplus for 56 consecutive months since May 2020,” said Amalia Adininggar Widyasanti, Acting Head of BPS, during a hybrid press conference on Wednesday.

The non-oil and gas trade balance saw a surplus of $4 billion in December 2024. This surplus was driven by key non-oil and gas commodities, with mineral fuels, animal and vegetable oils, and iron and steel as the main contributors.

However, the oil and gas trade balance recorded a deficit of $1.76 billion, with crude oil and refined oil products being the primary contributors to the deficit.

The top three countries contributing to Indonesia’s surplus were the United States ($1.75 billion), India ($1.02 billion), and the Philippines ($640 million). Meanwhile, the countries with the largest trade deficits with Indonesia were China ($1.4 billion), Australia ($494 million), and Brazil ($329.6 million).

Trade Balance Continues to Surplus for Fifth Consecutive Year

Indonesia's trade balance recorded a surplus of $31.04 billion in 2024, a decrease of $5.84 billion compared to 2023, according to the Central Statistics Agency (BPS). The non-oil and gas trade balance posted a surplus of $51.44 billion, while the oil and gas sector saw a deficit of $20.4 billion, which was a slight improvement of $490 million from the previous year.

Exports in 2024 reached $264.7 billion, marking a 2.29 percent increase from 2023, while imports totaled $233.66 billion, up 5.31 percent.

"By recording a surplus in 2024, the trade balance has now experienced consecutive surpluses for the past five years," Amalia said

Despite a drop in the surplus from mineral fuels, which declined by $4.02 billion due to a 21.2 percent drop in coal prices, the volume of exports increased by 7.8 percent. Similarly, the iron and steel sector saw a volume increase of 18.23 percent, although prices dropped by 9.27 percent compared to the previous year. Meanwhile, the surplus for animal and vegetable oils was impacted by a 12.72 percent decline in export volume, though palm oil prices rose by 8.68 percent.

On a positive note, Indonesia’s exports of commodities like coffee, tea, spices, nickel, copper, and cocoa saw notable increases, contributing to the overall surplus. The surplus for these products grew by over $1 billion each.