The government continues to strengthen efforts to boost national exports, notably through the establishment of the National Export Enhancement Task Force (Satgas) on September 20, 2023. Amid the current global economic conditions, Indonesia's export performance remains robust, with exports reaching USD 22.33 billion in May 2024, marking a 13.82% month-to-month (mtm) increase or a 2.86% year-over-year (yoy) increase. This achievement comprises USD 1.42 billion in oil and gas exports and USD 20.91 billion in non-oil and gas exports. Consequently, oil and gas exports rose by 5.12% (mtm) and non-oil and gas exports by 14.46% (mtm). Cumulatively, from January to May 2024, Indonesia's exports amounted to USD 104.25 billion, a decrease of 3.52% compared to the same period the previous year. According to Airlangga Hartarto, Coordinating Minister for Economic Affairs and Chairman of the National Export Enhancement Task Force, "Indonesia's trade balance in May 2024 showed a surplus of USD 2.93 billion, continuing the trend of 49 consecutive months of surplus. This was driven by a non-oil and gas sector surplus of USD 4.26 billion, though offset by a deficit in the oil and gas sector of USD 1.33 billion."
The rise in Indonesia's non-oil and gas exports in May 2024, compared to April 2024, was supported by increased exports to major destinations like China, the United States, and Japan. Exports to ASEAN and the European Union also saw an uptick. The increase in manufacturing activity among Indonesia's key trading partners suggests greater demand for Indonesian export products, reflected in higher PMI manufacturing activity in China, the United States, ASEAN, and the European Union. Of the top ten non-oil and gas export commodities, nearly all saw increases, with the largest being machinery and electrical equipment and parts, which rose by USD 263.6 million (26.66%). The only significant decrease was in animal/vegetable fats and oils, which fell by USD 268.0 million (14.32%). By sector, export performance saw the processing industry increase 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.
