Indonesia's trade balance has recorded a surplus for 49 consecutive months up to May 2024. The Central Statistics Agency (BPS) reported a trade balance surplus of USD 2.93 billion in May 2024, up from USD 2.72 billion the previous month. "Indonesia's trade balance continues its 49-month surplus streak, driven by a non-oil and gas sector surplus of USD 4.26 billion, though this is offset by a USD 1.33 billion deficit in the oil and gas sector," said Coordinating Minister for Economic Affairs Airlangga Hartarto in an official statement on Wednesday, 19 June 2024. Airlangga highlighted that Indonesia's export performance remains robust despite the current global economic conditions, with export values reaching USD 22.33 billion in May 2024. This marks a 13.82% increase month-on-month and a 2.86% increase year-on-year. This total includes oil and gas exports of USD 1.42 billion and non-oil and gas exports of USD 20.91 billion. Cumulatively, from January to May 2024, Indonesia's exports amounted to USD 104.25 billion, a 3.52% decrease compared to the same period in 2023. The increase in non-oil and gas exports in May 2024 compared to April 2024 was supported by higher export values to major destinations such as China, the United States, and Japan. Additionally, rising manufacturing activity among Indonesia's key trading partners indicates greater demand for Indonesian export products. This is reflected in the increased PMI manufacturing activity in China, the US, ASEAN, and the European Union.
Airlangga noted that almost all of the top 10 non-oil and gas export commodities saw increases, with the largest rise in machinery and electrical equipment and parts, which grew by USD 263.6 million, or 26.66%. By sector, the export performance of the processing industry increased by 16.40%, mining and others by 6.26%, agriculture, forestry, and fisheries by 32.45%, and oil and gas by 5.12% month-on-month. Airlangga emphasized that the government will continue to bolster efforts to enhance national exports, including through the establishment of a National Export Enhancement Task Force. "Imports in May 2024 reached USD 19.40 billion, up 14.82% month-on-month but down 8.83% year-on-year, consisting of USD 16.65 billion in non-oil and gas imports and USD 2.75 billion in oil and gas imports," explained Airlangga. Total imports from January to May 2024 were USD 91.19 billion, a 0.42% decrease compared to the same period last year.
