Indonesia’s trade balance recorded a surplus of $4.47 billion in March 2024, up from $3.64 billion in February 2024. This marked a significant increase from March 2023, which stood at $1.65 billion. This marks the 47th consecutive month of surplus.

In March 2024, exports reached $22.43 billion, marking a 16.4 percent increase from February 2024. However, this indicated a 4.19 percent contraction compared to March 2023. Meanwhile, imports in March 2024 totaled $17.96 billion, reflecting a 2.6 percent decrease from February 2024 and a 12.76 percent decrease from February 2023.

“The Indonesian trade balance has recorded a surplus for 47 consecutive months since May 2020. The surplus in March 2024 is higher than the surplus in the previous month or the same month last year,” said Acting Head of the Central Statistics Agency (BPS), Amalia Adininggar Widyasanti, during a press conference at the BPS office in Jakarta on Monday.

Widyasanti explained that the trade surplus in March 2024 was supported by non-oil and gas commodities amounting to $6.51 billion, including mineral fuels, fats and vegetable oils, as well as iron and steel. The non-oil and gas trade surplus in March 2024 was larger than that of February 2024 and March 2023. “At the same time, the trade balance of oil and gas commodities showed a deficit of $2.04 billion, contributed by oil and crude oil,” she added.

The three largest surplus-contributing countries were the United States with $1.5 billion, India with $1.43 billion, and the Philippines with $0.77 billion. Commodities contributing to the surplus with the United States included machinery and electrical equipment, non-knitted clothing and accessories, and footwear. Meanwhile, the three countries with the deepest deficits were Thailand with $0.38 billion, Brazil with $0.36 billion, and Australia with $0.27 billion. “Indonesia’s deficit with Thailand is driven by several commodity groups, including cereals, sugar, molasses, and vehicles,” said Amalia.

As for the cumulative trade balance until March 2024, it recorded a surplus of $7.31 billion, down by $4.80 billion compared to the same period last year.