Indonesia’s Central Statistics Agency (BPS) announced a trade surplus of US$2.39 billion for June 2024, extending the country’s streak of positive trade balances to 50 months.
This trade surplus was driven by a decline in imports of capital and intermediate goods. Meanwhile, the main driver of exports in June was the manufacturing sector.
As a result, Indonesia’s export value was recorded higher at US$20.84 billion, while imports were at US$18.45 billion.
“The trade balance returned to a surplus of US$2.39 billion, although it was lower than the surplus in the previous month and June 2023,” said Acting Head of Indonesia’s Central Statistic Agency, Amalia Adininggar Widyasanti in a press release on Monday (15/7/2024).
Amalia said that the June 2024 trade surplus was mainly supported by a surplus in non-oil and gas commodities of US$4.43 billion, with the main contributors being animal fats and oils, iron and steel, and several other commodities.
This surplus is in line with the market consensus compiled by CNBC Indonesia from nine institutions, which estimated that the trade balance surplus for June 2024 would reach US$2.88 billion.
This surplus is slightly lower than the surplus of US$2.93 billion recorded in May 2024.
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