Indonesia’s trade balance once more showed a positive result with a surplus of USD 2.39 billion in June 2024. According to the Central Statistics Agency (BPS), this achievement marks a continuation of the trend of surplus for 50 consecutive months since May 2020.
Although there was a slight decline from May’s surplus of $2.92 billion, Indonesia’s overall trade performance shows an encouraging trend.
This surplus was achieved because of synergies between the export and import sectors. In June, Indonesia’s export value reached $20.84 billion, an annual increase of 1.17% despite a decline of 6.65% in comparison with May. On the opposite hand, the import value in June was $18.45 billion, down 4.89 percent in comparison with May but up 7.58 percent in comparison with June 2023.
The primary components of the trade balance surplus were non-oil and gas commodities, which amounted to $4.43 billion. The few non-oil and gas commodities which have made significant contributions include mineral fuels (HS 27), animal and vegetable fats and oils (HS 15), and iron and steel (HS 72).
However, Indonesia’s oil and gas sector stays in deficit. In June 2024, the oil and gas deficit reached $2.04 billion, which was higher in comparison with May ($1.33 billion) and June 2023 ($0.96 billion).
Despite showing a positive trend for 50 consecutive months, the pace of Indonesia’s trade balance surplus in June 2024 decreased in comparison with the identical period in 2023.
By June 2024, the trade balance surplus was $15.45 billion, down $4.46 billion from the identical period in 2023, which was $19.91 billion.
However, the trend towards a surplus continues as the worth of exports continues to be higher than the worth of imports. This achievement is commendable and provides concrete proof of the resilience and competitiveness of the Indonesian trade sector within the face of difficult global situations.
