Trade Balance Surplus Down To 2.48 Billion US Dollars In October 2024

JAKARTA - The Central Statistics Agency (BPS) noted that Indonesia's trade balance still recorded a surplus of 2.48 billion US dollars in October 2024.

Plt. Head of BPS, Amalia Adininggar Widyasanti said Indonesia's trade balance had decreased by 0.76 billion US dollars when compared to the previous month which reached 3.23 billion US dollars.

"Thus, Indonesia's trade balance has recorded a surplus for 54 consecutive months since May 2020," he said at a press conference, Friday, November 15.

Amalia conveyed that Indonesia's trade balance surplus in October 2024 was relatively lower than the previous month, which was also lower by 1 billion US dollars when compared to the same period last year.

Amalia said that the surplus in October 2024 was driven by a surplus of non-oil and gas (oil and gas) commodities, where the main surplus contributors came from mineral fuel commodities (HS 27), as well as vegetable animal fats and oils (HS 15), as well as iron and steel (HS 72).

At the same time, the oil and gas commodity trade balance was recorded at a deficit of US$2.32 billion, with commodities contributing to the deficit coming from commodities produced by oil and crude.

Furthermore, Amalia said that Indonesia's trade balance in October 2024 was still in surplus because the export value was higher than the import value.

The value of Indonesia's exports in October 2024 was recorded at 24.41 billion US dollars, or an increase of 10.69 percent (mtm) compared to the previous month. Meanwhile, Indonesia's import value was recorded at 21.94 billion US dollars or an increase of 16.54 percent compared to the previous month.