Indonesia achieved a monthly trade balance surplus of USD 4.42 billion in November 2024, marking the 55th consecutive surplus since May 2020. According to Trade Minister Budi Santoso, the November surplus included a USD 5.67 billion non-oil and gas (nonmigas) surplus, offset by a USD 1.25 billion oil and gas (migas) deficit. This figure surpasses both the USD 2.48 billion recorded in October 2024 and the USD 2.41 billion in November 2023. The United States, India, and the Philippines were the largest contributors to the nonmigas surplus, with USD 1.58 billion, USD 1.12 billion, and USD 0.77 billion, respectively. Cumulatively, from January to November 2024, the trade surplus reached USD 28.86 billion, driven by a USD 47.50 billion nonmigas surplus and an USD 18.64 billion migas deficit. Total exports during this period amounted to USD 241.25 billion, up 2.06% year-on-year (YoY), while nonmigas exports rose 2.24% YoY to USD 226.91 billion. Key export growth was noted in iron and steel products, precious metals, cocoa, and copper.
Despite the positive performance, November 2024 exports dipped 1.70% compared to October due to declines in key products like copper (-26.66%) and cocoa (-15.42%). Imports also contracted by 10.72% to USD 19.59 billion, influenced by reduced raw material, capital goods, and consumer goods imports. The contraction aligns with a softening manufacturing sector, reflected in Indonesia’s November Purchasing Managers’ Index (PMI) of 49.6. Major trading partners for imports remained China, Japan, and the U.S., accounting for 51.58% of total nonmigas imports. However, there were notable declines in imports from New Zealand (-65.92%) and Russia (-54.07%). The Trade Ministry remains optimistic about achieving its 2024 nonmigas export growth target despite global economic challenges.
