The Goods Trade Balance in January 2024 Recorded a Surplus for the 45th Consecutive Month

Illustration (Photo: Doc. Antara)

JAKARTA - The Central Statistics Agency (BPS) noted that the goods trade balance in January 2024 recorded a surplus for 45 consecutive months.

Acting Head of BPS Amalia Adininggar said that Indonesia's trade balance in January 2024 experienced a surplus of 2.02 billion US dollars.

"In January 2024, the goods trade balance recorded a surplus of 2.02 billion US dollars. However, this decreased by 1.27 billion US dollars from December 2023," he explained clearly in a press conference, Thursday, February 15.

The goods trade balance surplus in January 2024 was supported by non-oil and gas commodities, namely USD 3.32 billion. However, this was reduced by a deficit in the oil and gas sector worth 1.30 billion US dollars.

Meanwhile, the main surplus contributing commodities are mineral fuel (HS 27), animal or vegetable fats and oils (HS 15), and steel (HS 72).

"The non-oil and gas commodity surplus in January 2024 is lower than last month and January 2023," he said.

Amalia said that at the same time the oil and gas commodity trade balance experienced a deficit of 1.3 billion US dollars. The commodities contributing to the deficit are oil and crude oil

"The oil and gas trade balance deficit is lower than the previous month and the same month last year," he said

Indonesia's trade balance according to trading partners, namely India, the United States (US), and the Philippines.

Indonesia experienced a surplus with India, namely 1.38 billion US dollars, the United States at 1.12 billion US dollars, and the Philippines at 0.63 billion US dollars.

"The largest surplus experienced by India was driven by mineral fuel commodities, vegetable fats and animals, and gas, ore crust, and metal ash," he said

Meanwhile, Indonesia also experienced the deepest trade deficit with several countries including China, Australia, and Thailand.

"China has a deficit of 1.38 billion US dollars, Australia has a deficit of 0.43 billion US dollars, and Thailand has a deficit of 0.42 billion US dollars," he said.