APSN Banner

Indonesia posts trade surplus four years in a row

Jakarta Globe - May 15, 2024

Jayanty Nada Shofa, Jakarta – Indonesia has been witnessing a positive trade balance for four years in a row, with India being the biggest contributor to the surplus in April, according to the Central Statistics Agency (BPS) on Wednesday.

The agency reported that Indonesia registered a $3.56 billion surplus in April. "So we have maintained our surplus for 48 months or four years in a row since May 2020," Pudji Ismartini, a deputy at BPS, told a conference on Wednesday.

"India, the US, and the Philippines are the biggest contributors to the surplus in April 2024. We booked a $1.46 billion surplus with India, ... mainly thanks to goods such as mineral fuels, animal or vegetable fats and oil, as well as precious metals and jewelry," Pudji said.

Indonesia's surpluses with the US and the Philippines stood at around $1.1 billion and $699.1 million, respectively.

Despite the strong four-year-long positive trade balance, the total surplus that Indonesia booked in April was still lower than what the country registered the previous month. Indonesia's surplus in March reached $4.58 billion. The surplus had also dropped from the $3.94 billion posted in April 2023.

Australia accounted for the biggest deficit ($438.5 million) in April 2024 with goods such as mineral fuels, ores, slag and ash, as well as cereals causing the negative trade balance with Canberra. The second-largest deficit contributor was Brazil ($388.3 million).

The surplus that Indonesia has garnered so far since May 2020 totaled $157.21 billion. Throughout the period, the country recorded a $224.15 billion surplus in the non-oil and gas sector. However, the country had a $66.93 billion deficit in the oil and gas sector, according to BPS.

Source: https://jakartaglobe.id/business/indonesia-posts-trade-surplus-four-years-in-a-ro