Indonesia's Trade Balance in May 2024 Recorded A Surplus of 2.93 Billion US Dollars

JAKARTA - The Central Statistics Agency (BPS) noted that Indonesia's trade balance in May 2024 experienced a surplus of 2.93 billion US dollars.

The trade balance surplus occurred because the value of exports was greater than the value of imports.

BPS Deputy for Production Statistics M Habibullah said that Indonesia's trade balance surplus had recorded a surplus for 49 consecutive months since May 2020.

"The May 2024 surplus was supported by a surplus mainly from the non-oil and gas sector of 4.26 billion US dollars, with the main commodities contributing to the surplus being mineral fuels (HS 27), animal and vegetable fats and oils (HS 15), iron and steel (HS 72)," he explained in a press conference, Wednesday, June 19.

Habibullah said that the non-oil and gas trade balance surplus in May 2024 was lower compared to May 2024, but higher compared to May 2023.

Meanwhile, the oil and gas commodity trade balance recorded a deficit of 1.33 billion US dollars with the main contributing commodities being oil and crude oil.

The May 2024 commodity trade balance deficit was lower compared to the previous month and the same month the previous year.

The value of Indonesia's exports in May was 22.33 billion US dollars, up 13.82 percent compared to the previous month of 19.62 billion US dollars.

Meanwhile, the value of Indonesia's imports in May 2024 reached 19.40 billion US dollars, up 14.82 percent compared to April 2024 which reached 16.90 billion US dollars.

Habibullah said that the increase in export performance was driven by oil and gas (oil and gas) and non-oil and gas exports.

The performance of the oil and gas export value in May 2024 was recorded at 1.42 billion US dollars or an increase of 5.12 percent compared to the previous month which reached 1.35 billion US dollars in April 2024.

In addition, the non-oil and gas value also increased to 20.91 billion US dollars or an increase of 14.46 percent compared to the previous month which reached 18.27 billion US dollars.

"The increase in the export value in May 2024 on a monthly basis was mainly driven by an increase in non-oil and gas exports, namely in the commodity of electrical machinery and equipment and its parts or code (HS 85) by 26.66 percent with a contribution of 1.34 percent," he said.

He said that the value of oil and gas imports in May 2024 was worth 2.75 billion US dollars, down 7.91 percent compared to April 2024.

Habibullah also said that the value of non-oil and gas imports in May 2024 was worth 16.65 billion dollars US, or up 19.70 percent compared to April 2024.

"The increase in monthly import value was mainly due to an increase in the value of non-oil and gas imports with a contribution of 16.22 percent," he said.