No. 26/174/DKom
Based on data published by BPS-Statistics Indonesia, Indonesia amassed a trade surplus in July 2024 totalling USD0.47 billion, narrowing from USD2.39 billion in June 2024. Bank Indonesia views the trade surplus positively in terms of further strengthening external economic resilience in Indonesia. Moving forward, Bank Indonesia will continue strengthening policy synergy with the Government and other relevant authorities to increase external resilience in pursuit of sustainable national economic growth.
The trade surplus was maintained primarily due to a robust non-oil and gas trade surplus. The non-oil and gas trade balance in July 2024 recorded a USD2.61 billion surplus in line with solid non-oil and gas exports that increased to USD20.79 billion and non-oil and gas imports that reached USD18.18 billion in the reporting period. Positive non-oil and gas export performance was supported by exports of commodities based on natural resources, such as metalliferous ores, slag and ash, and manufacturing exports, including precious metals and jewellery/gems, machinery and electrical equipment as well as vehicles and components. Based on destination country, non-oil and gas exports bound for China, the United States and India were still the main contributors to Indonesia's export performance. On the other hand, non-oil and gas imports increased, particularly raw materials and capital goods, to support domestic economic activity. Meanwhile, the oil and gas trade deficit widened to USD2.13 billion in July 2024 as a corollary of higher oil and gas imports that exceeded the increase recorded in oil and gas exports.
Jakarta, 15th August 2024
Communication Department
Erwin Haryono
Assistant Governor
