Heaptalk, Jakarta — Indonesia has consistently maintained a trade balance surplus, a significant indicator of economic stability. This surplus has been consistent for the past 48 months.
Since May 2020, the accumulated surplus has reached US$157.21 billion. As of April 2024, the trade balance surplus is US$3.56 billion. Mineral fuels, dominated by coal and animal and vegetable oils, particularly palm oil and its derivatives, contributed significantly to the growth.
According to the Central Statistics Agency (BPS), Indonesia’s oil and gas and non-oil and gas trade balances recorded a surplus of US$3.56 billion in April 2024. This surplus occurred because export values were higher than imports. Indonesia’s export value in April 2024 was US$19.62 billion, up 1.72% YoY, despite a monthly decline of 12.97%. Imports were valued at US$16.06 billion, down 10.6 percent monthly.
Increased oil and gas exports and rising global energy prices drove the trade balance surplus. On the other hand, non-oil and gas sector exports in April 2024 amounted to US$18.27 billion, with the largest share coming from mineral fuel exports (16.83% of total non-oil and gas exports).
Meanwhile, precious metals and nickel commodities saw significant increases of 70.97% YoY and 24.67% YoY, respectively, driven by rising nickel prices and increased export volumes of precious metals.
Cumulatively, Indonesia’s export value from January to April 2024 reached US$81.92 billion, with the largest share going to China (23% of total exports), followed by the United States (10.48%) and India (9.01%). Exports to the ASEAN region during the same period contributed 17.74%.
Indonesia’s imports in April 2024 were recorded at US$16.06 billion, up 4.62% YoY, driven by increases in essential commodities, including machinery/electrical equipment, plastics and plastic products, organic chemicals, and sugar and confectionery.
Regarding goods classification, the import increase was sourced from capital goods imports, which rose by 13.57% YoY, intermediate goods by 3.29% YoY, and consumer goods by 0.56% YoY.
This import increase aligns with rising consumption demand during Ramadan and Eid and maintains Indonesia’s inflation rate within the target range. The increase in imports by goods classification boosted Indonesia’s manufacturing activity, keeping it in the expansion zone. A manufacturing PMI index reached 52.9 in April 2024. Cumulatively, Indonesia’s import value from January to April was recorded at US$70.95 billion.
