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Blogsia - Indonesia continues its streak of trade surpluses as recorded by the Central Statistics Agency (BPS) for June 2024, marking a surplus of USD 2.39 billion. This achievement extends the country's surplus streak to 50 consecutive months since May 2020.
During a press conference on Monday (15/7/2024), Acting Head of BPS, Amalia A. Widyasanti, reported, "In June 2024, Indonesia's trade balance for goods recorded a surplus of USD 2.39 billion, a decrease of USD 0.54 billion compared to the previous month. This marks Indonesia's 50th consecutive month of trade surplus since May 2020."
Amalia noted that the trade surplus in June 2024 was lower compared to both the previous month and the same month last year.
The surplus in June 2024 was primarily supported by a non-oil and gas surplus of USD 4.43 billion, contributed by commodities such as mineral fuels (HS27), fats and animal oils (HS 15), iron and steel (HS72), among others.
Meanwhile, the non-oil and gas trade surplus in June 2024 was higher compared to the previous month and the same month last year. Conversely, the oil and gas trade balance recorded a deficit of USD 2.04 billion, primarily from crude oil and petroleum products.
"The deficit in the oil and gas trade balance in June 2024 deepened compared to both the previous month and the same month last year," Amalia added.
Indonesia's non-oil and gas trade balance varied by country, with the top three surpluses recorded with India (USD 1.47 billion), the United States (USD 1.22 billion), and the Philippines (USD 0.69 billion).
"The largest surplus with India was driven by several commodities, including vegetable fats and oils, especially CPO, mineral fuels, and iron and steel," she explained.
Conversely, Indonesia experienced trade deficits with several countries, including China (USD 0.69 billion), Australia (USD 0.33 billion), and Thailand (USD 0.32 billion).
"The significant deficit with China was driven by machinery and mechanical equipment and parts, electrical machinery and equipment and parts, as well as plastics and plastic products," she concluded.
Previously, BPS reported that Indonesia's imports in June 2024 reached USD 18.45 billion, a 4.89% decrease compared to the previous month.
"In June 2024, imports totaled USD 18.45 billion, a 4.89% decrease from May 2024," said Acting Head of BPS, Amalia Adininggar Widyasanti, during a press conference on January 2023 Export-Import Announcement, Monday (15/7/2024).
Imports of oil and gas amounted to USD 3.27 billion, a 19.01% decrease compared to the previous month's USD 2.75 billion. Meanwhile, non-oil and gas imports totaled USD 15.18 billion, an 8.83% decrease compared to May 2024's USD 16.65 billion.
"The monthly decline in import values was mainly due to the decrease in non-oil and gas imports, contributing to an 7.58% decline. Year-on-year, imports in June 2024 increased by 7.58%, with oil and non-oil and gas imports rising by 47.17% and 1.69%, respectively."
The significant increase in oil imports was driven by increased imports of crude oil and oil products. Amalia also discussed import trends by usage. Monthly imports of consumer goods increased by USD 43 million or 2.48%, while imports of intermediate goods decreased by USD 482.3 million or 3.41%, and capital goods decreased by USD 509.3 million or 14.51%.
"Intermediate goods accounted for approximately 74.11% of total imports in June 2024," she said. Annually, imports of consumer goods increased by 12.01%, intermediate goods increased by 10.62%, while imports of capital goods decreased by 6.34%.
Previously, BPS recorded a decline in export value in June 2024. It was recorded that the export value in June 2024 reached USD 20.84 billion, a decrease from the previous month.
"The export value reached USD 20.84 billion, a decrease of 6.65% compared to May 2024," said Acting Head of BPS Amalia A. Widyasanti during a BPS press conference, Monday (15/7/2024).
She noted that the decline was driven by a decrease in the value of oil exports, which recorded USD 1.23 billion, a decrease of 13.24%. Meanwhile, non-oil exports fell by 6.20% with a value of USD 19.61 billion.
The monthly decline in export value was mainly due to the decline in non-oil exports of metal ores and ash, which fell by 98.32%, contributing to 4.57% of non-oil exports.
Meanwhile, precious metals and jewelry in the HS 71 group fell by 45.76%, contributing 1.97%, and nickel and its derivatives in the HS 75 category fell by 25.20%, contributing 0.96% to non-oil exports.
Meanwhile, the decline in oil exports was mainly due to the decrease in the export value of crude oil, with a 0.94% share.
However, Amalia stated that annually, the export value in June 2024 increased by 1.17%. This increase was driven by an increase in non-oil exports, especially in iron and steel products, nickel and its derivatives, and copper and its derivatives.
Previously, Indonesia successfully recorded a trade surplus of USD 2.93 billion in May 2024. This achievement extended Indonesia's trade surplus trend to 49 consecutive months since May 2020.
Head of Fiscal Policy Agency (BKF) at the Ministry of Finance, Febrio Kacaribu, praised Indonesia's trade performance for continuing to achieve a surplus amidst a global economic slowdown.
"This indicates that our economic resilience is quite strong. However, we must remain vigilant and continue to strengthen policy support to promote sustainable growth," Febrio said in a written statement, Thursday (20/6/2024).
Indonesia's export value in May 2024 was recorded at USD 22.33 billion, up 2.86% (yoy), driven by a 2.50% increase (yoy) in non-oil exports and an 8.44% increase (yoy) in oil exports.
The increase in non-oil exports was mainly supported by increases in major commodities such as iron and steel, electrical machinery and equipment, and nickel and its derivatives. Meanwhile, the increase in oil exports was driven by increased exports of crude oil and natural gas amidst a decrease in oil product exports.
Cumulatively, Indonesia's export value from January to May 2024 reached USD 104.25 billion, with the largest export destination being China, followed by the United States, India, and Japan.
On the other hand, Indonesia's import value in May 2024 was recorded at USD 19.40 billion, down 8.83% (yoy). This was driven by decreases in major imported commodities such as vehicles and parts, iron and steel, mechanical machinery and equipment, and electrical machinery and equipment.
Based on the usage of goods, declines in imports occurred in consumer goods, intermediate/raw materials, and capital goods, by 16.19% (yoy), 7.51% (yoy), and 10.13% (yoy), respectively. Despite the decrease in value, import volumes in May 2024 increased by 2.54% (yoy).
"The government will continue to monitor the impact of global slowdowns on national exports and prepare anticipatory measures through efforts to enhance downstream utilization of natural resources, improve the competitiveness of national export products, and diversify primary trade partners," added Febrio.
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