PALMOILMAGAZINE, JAKARTA – In July 2024, Indonesia reported a trade surplus of approximately US$ 0.47 billion. Although this marks a surplus, it represents a significant decline compared to both the previous month and the same period last year.
According to data from the Ministry of Trade, the July 2024 surplus included a non-oil and gas surplus of US$ 2.61 billion, but was offset by an oil and gas deficit of US$ 2.13 billion. This resulted in a smaller surplus compared to June 2024, which had a surplus of US$ 2.39 billion, and July 2023, which had a surplus of US$ 1.29 billion.
Minister of Trade Zulkifli Hasan noted that despite the decline in surplus, Indonesia has successfully maintained a trade surplus for 51 consecutive months since May 2020. He also highlighted that three countries—India, the United States, and the Philippines—significantly contributed to the surplus in July 2024, with a total surplus of US$ 3.03 billion from these nations.
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While the biggest trade deficit in non-oil and gas sectors were from China, Singapore, and Australia that reached up to US$ 3,42 billion.
In cumulative, from January to July 2024, Indonesia’s trade balance got surplus up to US$ 15,92 billion, dominated by non-oil and gas that reached US$ 28,16 billion, while oil and gas deficit reached up to US$ 12,24 billion. But the numbers got decreased if compared to the same period last year that reached US$ 21,20 billion.
The Exports Were Positive
The exports from Indonesia in July 2024 showed positively. The total exports reached US$ 22,21 billion, got increased 6,55 percent to the previous month. It happened for non-oil and gas exports that got increased 5,98 percent and oil and gas that increased 15,57 percent to June 2024.
Minister Zulkifli Hasan also said some non-oil and gas exports significantly got escalated, such as, agriculture that reached 26,24 percent and processing industries that increased 2,82 percent.
But some certain commodities got decreasing exports, such as, fat and vegetable oil, iron and steel.
In July 2024, non-oil and gas exports from Indonesia to some main exporter countries, such as, China, USA, and Japan were dominant still. The exports to Spain, Saudi Arabia, Germany significantly got escalated. It happened for the strong demands in the countries.
It means, even though some challenges are ahead, such as, the decreasing exports for some commodities, Indonesia still has the big potential to expand its exports to non-traditional countries, such as, East Europe, Central Africa, and Caribbean. (P2)
