Indonesia Extends Trade Surplus Run to 31 Months

Jakarta. Indonesia recorded a surplus of $5.16 billion in its international trade in November to extend a run of surpluses to the 31st consecutive month, the Central Statistics Agency, or BPS, announced on Thursday.

The latest monthly figure brings the overall international trade surplus to top $50 billion year to date.

The country’s exports amounted to $24.12 billion last month, in comparison to $18.96 in its monthly imports to extend the record-breaking run that has begun since May 2020.

“Indonesia’s trade balance has been in surplus for 31 months in a row since Mei 2020,” BPS Deputy Chairman M. Habibullah told a news conference in Jakarta.

China remains Indonesia’s biggest export destination with exports amounting to $6.28 billion, more than three times the export value to the United States in the second place.

However, the most significant contributor to the November surplus was the United States, with whom Indonesia gained an excess of $1.3 billion over the bilateral import.

November’s export value declined slightly by 2.46 percent from the previous month but climbed by 5.58 percent year-on-year. The import was down by 0.91 percent from October and 1.89 percent from November 2021.

On another positive note, oil and gas imports in November fell by 16.64 percent to $2.8 billion from October – or a 7.3 percent decline year-on-year.

For the past eleven months starting in January, Indonesia’s overall exports amounted to $268.18 billion to demonstrate robust growth of 28.16 percent y-o-y.

In the same period, imports rose by 24.45 percent to $217.8 billion.