Indonesia's trade balance in May 2024 recorded a surplus of USD 2.93 billion, marking the continuation of a 49-month consecutive surplus trend. Coordinating Minister for Economic Affairs Airlangga Hartarto attributed this achievement to government efforts to boost national exports. The non-oil and gas sector contributed a surplus of USD 4.26 billion, offsetting a USD 1.33 billion deficit in the oil and gas sector. Airlangga highlighted that the surplus is largely due to initiatives like the National Export Enhancement Task Force, established on September 20, 2023. Amid global economic uncertainty, Indonesia's export performance has shown resilience, with exports in May 2024 reaching USD 22.33 billion, up 13.82% month-to-month (mtm) and 2.86% year-on-year (yoy). The export figures include USD 1.42 billion from oil and gas and USD 20.91 billion from non-oil and gas sectors. Oil and gas exports rose by 5.12% mtm, while non-oil and gas exports increased by 14.46% mtm. Cumulatively, from January to May 2024, exports totaled USD 104.25 billion, a 3.52% decline cumulative-to-cumulative (ctc).

The increase in non-oil and gas exports in May was driven by higher export values to key destinations such as China, the United States, and Japan. Exports to ASEAN and the European Union also rose, reflecting increased demand for Indonesian products among major trading partners, as indicated by rising Purchasing Managers' Index (PMI) figures for manufacturing in China, the US, ASEAN, and the EU. Among the top 10 non-oil and gas export commodities, most saw increases, with machinery and electrical equipment and parts experiencing the largest growth, rising by USD 263.6 million (26.66%). The only declining commodity was animal/vegetable fats and oils, which fell by USD 268.0 million (14.32%). By sector, the manufacturing sector's export performance increased by 16.40% mtm, mining and others by 6.26% mtm, agriculture, forestry, and fisheries by 32.45% mtm, and oil and gas by 5.12% mtm. Imports in May 2024 reached USD 19.40 billion, up 14.82% mtm but down 8.83% yoy. This includes non-oil and gas imports of USD 16.65 billion, up 19.70% mtm but down 8.23% yoy, and oil and gas imports of USD 2.75 billion, down 7.91% mtm and 12.34% yoy, according to Airlangga Hartarto.

Source: https://www.emitennews.com/news/ekspor-meningkat-menko-ekonomi-ungkap-neraca-perdagangan-surplus