The continued trade balance surplus in April 2024 primarily stems from a robust non-oil and gas (nonmigas) trade surplus. The nonmigas trade balance recorded a surplus of USD 5.17 billion in April 2024, bolstered by strong nonmigas exports amounting to USD 18.27 billion. This positive performance in nonmigas exports is supported by the sustained strength of resource-based commodity exports such as iron and steel, as well as animal/vegetable fats and oils, along with increased exports of mining minerals like nickel and related products. On a country basis, nonmigas exports to China, the United States, and India remain the main contributors to Indonesia's export activities. Additionally, the deficit in the oil and gas (migas) trade balance decreased to USD 1.61 billion in April 2024, due to a decline in migas imports and an increase in migas exports.
Bank Indonesia (BI) noted that the trade balance surplus in April 2024 supports the external resilience of the Indonesian economy. According to data from the Central Statistics Agency (BPS), Indonesia's trade balance surplus in April 2024 was USD 3.56 billion, which is lower than the surplus in March 2024 of USD 4.58 billion. "Bank Indonesia views this development positively for further strengthening the external resilience of the Indonesian economy," said BI's Head of Communications Department, Erwin Haryono, in Jakarta on Thursday. Erwin mentioned that, going forward, BI will continue to strengthen policy synergy with the government and other authorities to enhance external resilience and support sustainable national economic growth.
