PALMOILMAGAZINE, JAKARTA — Indonesia recorded a trade surplus of US$2.66 billion in November 2025, higher than October’s surplus of US$2.39 billion, extending the country’s surplus run to 67 consecutive months since May 2020.
Minister of Trade Budi Santoso said the November surplus was primarily supported by the strong performance of the non-oil and gas (non-oil and gas) sector. During the month, the non-oil and gas trade balance posted a surplus of US$4.64 billion, while the oil and gas balance still recorded a deficit of US$1.98 billion.
“The November 2025 trade balance continues Indonesia’s 67-month surplus streak since May 2020. The non-oil and gas sector recorded a surplus of US$4.64 billion, while oil and gas posted a deficit of US$1.98 billion,” Minister Budi Santoso said in an official statement quoted by Palmoilmagazine.com, Wednesday (7/1/2026).
January–November Surplus Jumps Sharply
Cumulatively, Indonesia’s trade balance from January to November 2025 reached a surplus of US$38.54 billion, rising significantly from US$29.24 billion in the same period last year. The surplus was driven by a non-oil and gas surplus of US$56.15 billion, despite an ongoing oil and gas deficit of US$17.61 billion.
The non-oil and gas surplus was mainly generated from trade with Indonesia’s key partners, led by the United States at US$19.21 billion, followed by India at US$12.16 billion, and the Philippines at US$7.72 billion.
Exports Strengthen in 2025
In November 2025, Indonesia’s exports totaled US$22.52 billion, down 7.08 percent month-on-month (MoM) from October. The decline was driven by a 7.30 percent drop in non-oil and gas exports and a 1.25 percent fall in oil and gas exports.
However, cumulatively from January to November 2025, Indonesia’s total exports reached US$256.56 billion, growing 5.61 percent year-on-year. This growth was underpinned by a 7.07 percent rise in non-oil and gas exports to US$244.75 billion.
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Minister Budi Santoso noted that the three non-oil and gas commodities with the highest export growth during January–November 2025 were aluminium and articles thereof (HS 76), up 57.69 percent; chemical products (HS 38), up 48.02 percent; and cocoa and its preparations (HS 18), up 44.06 percent year-on-year.
By sector, the manufacturing industry continued to dominate Indonesia’s exports with a share of 80.27 percent, followed by mining and other sectors at 12.65 percent, oil and gas at 4.60 percent, and agriculture at 2.48 percent. Cumulatively, agricultural exports recorded the highest growth at 24.63 percent, followed by manufacturing at 14.00 percent, while mining and other sectors fell 24.24 percent and oil and gas exports declined 17.64 percent year-on-year.
Main Markets and Fastest-Growing Destinations
China, the United States, and India remained Indonesia’s top non-oil and gas export destinations, with combined exports reaching US$102.82 billion, accounting for 42.02 percent of total non-oil and gas exports.
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The fastest-growing export destinations cumulatively were Switzerland, which surged 220.13 percent, Thailand at 33.95 percent, and Singapore at 31.20 percent. By region, Central Asia recorded the highest export growth at 64.15 percent, followed by West Africa at 63.76 percent, and Western Europe at 44.66 percent. (P2)
