Indonesia’s trade balance in May 2024 marked yet another month of surplus, reaching $2.93 billion, an increase of $0.21 billion compared to the previous month. This brings the cumulative trade surplus for the year to $13.06 billion, as reported by the Central Statistics Agency (BPS).
Deputy of Production Statistics at BPS, M. Habibullah, announced that Indonesia’s trade balance has recorded a surplus for 49 consecutive months since May 2020. He noted that the surplus in May 2024 was higher than in the previous month and the same period last year. “The surplus in May 2024 was primarily driven by non-oil and gas commodities, which contributed $4.26 billion. Key contributing commodities included mineral fuels (HS 27), animal and vegetable fats and oils (HS 15), and iron and steel (HS 72),” Habibullah stated during a press conference on Wednesday, June 19, 2024.
While the non-oil and gas trade balance surplus in May 2024 was lower compared to the previous month, it was still higher than in May 2023. On the other hand, the oil and gas trade balance recorded a deficit of $1.33 billion, primarily due to crude oil and oil products.
The deficit in the trade balance for May 2024 was lower than both the previous month and the same period last year. According to BPS, Indonesia’s export value in May 2024 increased to $19.65 billion, a rise of 13.82% compared to April 2024 (month-to-month). The boost in export performance in May 2024 was driven by increased non-oil and gas exports, particularly in machinery and electronic equipment and parts, which surged by 26.66%, contributing 1.34%, metal ores, slag, and ash, which rose by 25.96%, contributing 1.09%, and vehicles and parts, which increased by 26.8%, contributing 1%.
Meanwhile, Indonesia’s total import value in May 2024 reached $19.40 billion, up 14.82% compared to the previous month. Habibullah explained that the value of oil and gas imports declined by 7.91% month-to-month to $2.75 billion in May 2024. Conversely, the value of non-oil and gas imports increased by 19.7% month-to-month to $16.65 billion.
This consistent trade surplus underscores Indonesia’s robust economic performance and highlights the significant contributions of non-oil and gas commodities to the nation’s trade balance.
