PALMOILMAGAZINE, JAKARTA – Indonesia recorded a trade surplus of US$0.95 billion in January 2026, extending the country’s positive trade balance streak to 69 consecutive months since May 2020.
The surplus was largely supported by strong non-oil and gas trade performance, which generated a surplus of US$3.23 billion. However, the oil and gas sector continued to post a deficit of US$2.27 billion.
Trade Minister Budi Santoso said the continued surplus reflects the resilience of Indonesia’s trade sector despite ongoing global economic uncertainties.
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“The surplus recorded in January 2026 extends Indonesia’s trade surplus trend to 69 consecutive months since May 2020. This consistency demonstrates the resilience of the national trade sector amid global uncertainty,” Budi said in a statement received by Palmoilmagazine.com on Sunday (8/3/2026).
Based on trading partners, Indonesia’s largest trade surplus in January 2026 came from the United States at US$1.55 billion, followed by India with US$1.07 billion and the Philippines with US$0.69 billion. Meanwhile, the largest trade deficits were recorded with China at US$2.47 billion, followed by Australia at US$0.96 billion and France at US$0.47 billion.
Manufacturing Exports Continue to Dominate
Overall, Indonesia’s total exports in January 2026 reached US$22.16 billion, representing a 3.39 percent increase compared to the same period last year.
The growth was mainly driven by non-oil and gas exports, which rose 4.38 percent year-on-year to US$21.26 billion from US$20.37 billion previously.
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Indonesia’s export structure remains dominated by the manufacturing sector, which accounted for 83.53 percent of total national exports. The mining and other sectors contributed 10.48 percent, oil and gas 4.03 percent, and agriculture 1.97 percent.
At the start of the year, the expansion of non-oil and gas exports was primarily supported by manufacturing exports, which increased by 8.19 percent year-on-year. In contrast, agricultural exports declined by 20.36 percent, while mining and other sectors fell by 14.59 percent compared to January 2025.
Animal and Vegetable Oil Exports Strengthen
Among non-oil and gas commodities, animal or vegetable fats and oils (HS 15)—which include palm oil and its derivative products—recorded one of the strongest export growth rates in early 2026.
“Three non-oil and gas commodities with the highest export growth in January 2026 were tin and related products (HS 80), which rose 191.38 percent, animal or vegetable fats and oils (HS 15), up 46.05 percent, and nickel and related products (HS 75), which increased by 42.04 percent year-on-year. The growth was driven by higher international prices for these commodities,” Budi explained.
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Animal and vegetable fats and oils, including palm oil and palm kernel oil, remain key contributors to Indonesia’s manufacturing export performance.
Data from the World Bank Commodity Price Data also show notable increases in several major commodity prices in January 2026. Tin prices surged by 67.29 percent, nickel rose 15.42 percent, and palm kernel oil prices increased by 8.36 percent compared with January 2025.
Asia and the United States Remain Key Export Markets
In terms of export destinations, China, the United States, and India remained Indonesia’s largest markets for non-oil and gas exports. Shipments to these three countries totaled US$9.30 billion, representing about 43.77 percent of Indonesia’s total non-oil and gas exports in January 2026.
Meanwhile, several countries recorded significant increases in imports from Indonesia. Spain posted the highest growth at 74.65 percent, followed by Egypt at 59.23 percent and Pakistan at 55.62 percent year-on-year.
From a regional perspective, the largest export growth was recorded to other Central Asian countries, which expanded by 112.88 percent, followed by North Africa at 36.10 percent and South Asia at 26.55 percent.
The strong export performance of strategic commodities such as animal and vegetable fats and oils—including palm oil—highlights the sector’s vital role in maintaining Indonesia’s trade balance stability while reinforcing the country’s position as one of the world’s leading suppliers of vegetable oils. (P2)
