InfoSAWIT, JAKARTA - Indonesia's trade balance continues to show a positive trend, recording a surplus of US$ 4.42 billion in November 2024. This achievement marks the 55th consecutive monthly surplus since May 2020. The surplus consists of a non-oil and gas surplus of US$ 5.67 billion and a deficit in the oil and gas sector of US$ 1.25 billion.
"November 2024's surplus not only continues the positive trend but is also higher than the surplus of US$ 2.48 billion in October 2024 and US$ 2.41 billion in November 2023," said Trade Minister Budi Santoso in an official statement received by InfoSAWIT on Tuesday (December 24, 2024).
The United States, India, and the Philippines were the largest contributors to the non-oil and gas surplus, contributing US$ 1.58 billion, US$ 1.12 billion, and US$ 0.77 billion, respectively. Cumulatively, from January to November 2024, the trade balance recorded a surplus of US$ 28.86 billion, consisting of a non-oil and gas surplus of US$ 47.50 billion and an oil and gas deficit of US$ 18.64 billion.
Total exports from Indonesia from January to November 2024 reached US$ 241.25 billion, an increase of 2.06 percent compared to the same period in 2023. Non-oil and gas exports reached US$ 226.91 billion, up 2.24 percent from the previous year. Several products that recorded significant increases include iron and steel (HS 73), which rose by US$ 1.74 billion, precious metals and jewelry (HS 71), which increased by US$ 1.56 billion, cocoa and its derivatives (HS 18), which rose by US$ 1.21 billion, and copper and its products (HS 74), which increased by US$ 1.17 billion.
Countries that saw significant increases in non-oil and gas exports include Australia (65.09 percent), Russia (39.38 percent), Brazil (33.84 percent), Turkey (30.02 percent), and Saudi Arabia (25.98 percent).
Although total exports in November 2024 amounted to US$ 24.01 billion, a decrease of 1.70 percent compared to October 2024, this figure represents a 9.14 percent increase compared to November 2023. Some products experienced a decline in exports, such as copper (26.66 percent) and coffee (21.34 percent). However, there were also products that recorded increases, such as nickel (87.26 percent), aluminum (49.70 percent), and machinery and mechanical equipment (15.97 percent).
China, the US, and India remain the main markets for non-oil and gas exports, contributing 44.82 percent of the total export value. Meanwhile, significant growth was recorded in non-traditional markets such as Qatar (1,061.73 percent), Spain (127.36 percent), and Pakistan (56.37 percent).
Minister of Trade Budi Santoso emphasized that the increase in exports to non-traditional markets reflects significant potential amid global economic challenges. "We are optimistic that the target for non-oil and gas export growth in 2024 can be achieved thanks to market diversification and improved competitiveness of Indonesian products," he concluded. (T2)