Trade Balance Indonesia: Wide Trade Surplus in November 2024 Thanks to Strong Exports
Based on the latest data from Indonesia’s Statistical Agency (BPS), Indonesia’s trade balance showed a surplus of USD $4.42 billion in November 2024. It was the second-biggest trade surplus so far in 2024 (after March), with one more month to go.
If we take a look at global commodity prices (which are important in terms of trade), we see a mixed picture. Energy prices were down in November 2024 (which is good to keep the value of imports in check), while agriculture prices were up (which is a positive matter for Indonesian exports).
Prices of coal, which is the top export item of Indonesia (contributing 11.5 percent to non-oil and gas exports in November 2024), were a bit lackluster on a month-on-month (m/m) basis in November 2024. Still, Indonesia’s coal exports managed to rise thanks to an (also modest) increase in export volumes.
Prices of palm oil in November 2024 rose compared to the previous month. However a decline in palm oil export volumes somewhat undermined the export performance of Indonesia.
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