InfoSAWIT, JAKARTA – In July 2024, Indonesia got surplus trade balance for about US$ 0,47 billion. Even though it was surplus, the numbers significantly got decreased from the previous month and the same period last year.
Data released by Ministry of Trade showed that the July 2024 surplus trade did consist of non-oil and gas for about US$ 2,61 billion, but got deficit in oil and gas for about US$ 2,13 billion. This indicated the decreasing sectors with the June 2024 surplus for about US$ 2,39 billion. July 2024 surplus was even lower than the previous period last year that reached US$ 1,29 billion.
Minister of Trade, Zulkifli Hasan said that even though the surplus got decreased in numbers, Indonesia successfully maintained the surplus trade for 51 months in a row since May 2020.
He also said there were three countries that contributed massively to the surplus trade for Indonesia in July 2024, they were, India, the United States of America, and Philippine with the total surplus up to US$ 3,03 billion.
While the biggest trade deficit in non-oil and gas sectors were from China, Singapore, and Australia that reached up to US$ 3,42 billion.
In cumulative, from January to July 2024, Indonesia’s trade balance got surplus up to US$ 15,92 billion, dominated by non-oil and gas that reached US$ 28,16 billion, while oil and gas deficit reached up to US$ 12,24 billion. But the numbers got decreased if compared to the same period last year that reached US$ 21,20 billion.
The Exports Were Positive
The exports from Indonesia in July 2024 showed positively. The total exports reached US$ 22,21 billion, got increased 6,55 percent to the previous month. It happened for non-oil and gas exports that got increased 5,98 percent and oil and gas that increased 15,57 percent to June 2024.
Minister Zulkifli Hasan also said some non-oil and gas exports significantly got escalated, such as, agriculture that reached 26,24 percent and processing industries that increased 2,82 percent.
But some certain commodities got decreasing exports, such as, fat and vegetable oil, iron and steel.
In July 2024, non-oil and gas exports from Indonesia to some main exporter countries, such as, China, USA, and Japan were dominant still. The exports to Spain, Saudi Arabia, Germany significantly got escalated. It happened for the strong demands in the countries.
It means, even though some challenges are ahead, such as, the decreasing exports for some commodities, Indonesia still has the big potential to expand its exports to non-traditional countries, such as, East Europe, Central Africa, and Caribbean. (T2)
