PALMOILMAGAZINE, JAKARTA – In January 2024, Indonesia achieved a trade surplus of approximately US$ 2.02 billion, comprised of a non-oil and gas surplus of US$ 3.32 billion and an oil and gas deficit of US$ 1.30 billion.
Minister of Trade, Zulkifli Hasan, highlighted that Indonesia has maintained a surplus for the past 45 consecutive months, indicating a positive trend in the country’s trade performance that bodes well for its future.
“January 2024 trade surplus extend the continuous surplus in a row since May 2020. January 2024 surplus was positive and would help foreign trade performance in the future,” he said, as in the official statement to Palmoilmagazine.com, Tuesday (20/2/2024).
He also explained, the January 2024 surplus was from some trade partners. India contributed the most that reached US$ 1,28 billion, USA about US$ 0,96 billion, and Philippine about US$ 0,63 billion. Trade surplus from Indonesia with India happened from many commodities, such as, mineral fuel, fat and vegetable/animal oil, ore, slag, and metal.
Meanwhile the countries that contributed to trade deficit the most in January 2024 were China about US$ 1,12 billion, then Singapore about US$ 0,64 billion, and Australia about US$ 0,48 billion. Trade deficit with China happened for some commodities, such as, mineral fuel, ore, slag, metal, and precious metal, gem/jewelery.
The continuous trade balance surplus also showed the economic stability and potential from Indonesia in the markets globally but the deficit trade with some countries should get more focus to maintain trade balance of Indonesia. (T2)
