Indonesia Trade Surplus Smallest Since 2020

Indonesia’s trade surplus narrowed to USD 0.09 billion in April 2026 from USD 0.20 billion in the same month last year, falling well below expectations of USD 1.5 billion and marking the smallest trade surplus since Indonesia posted a deficit in April 2020. Imports jumped 22.49% yoy, accelerating sharply from 1.51% in March and far exceeding estimates of 3.25%, with oil and gas imports soaring 85.52%, while non-oil and gas imports rose 14.11%. Meanwhile, exports surged 21.98%, rebounding sharply from a 3.1% decline in March and far exceeding forecasts of 8.8%, marking the strongest growth since August 2022. Non-oil and gas exports surged 23.36%, while oil and gas exports fell 1.20%, due to a sharp decline in crude oil (-35.54%) and natural gas (-13.28%). By destination, non-oil and gas exports grew mainly to key trading partners: the US (38.72%), China (29.56%), Japan (10.03%), and ASEAN (13.26%). For the first four months of 2026, the country posted a USD 5.64 billion trade surplus.

Indonesia’s trade surplus declined to USD 3.32 billion in March 2026, from USD 4.33 billion in the same month last year, as exports fell while imports rose. Imports grew 1.51% yoy, slowing from 10.85% in February, with oil and gas imports rising 1.34% yoy to USD 3.17 billion, rebounding from a 30.36% plunge in February, while non-oil and gas imports rose 1.54% to USD 16.04 billion. Meanwhile, exports fell 3.1% yoy, marking the first decline since last November, amid disruptions linked to Middle East conflicts. Non-oil and gas exports dropped 2.52%, while oil and gas exports plunged 11.84%, due to sharp falls in crude oil (-34.36%) and oil products (-17.59%). By destination, non-oil and gas exports declined mainly to top trading partners: the US (-12.83%), India (-1.28%), and the EU (-17.63%), while exports to China surged 16.22%. For the first quarter of 2026, the country posted a USD 5.55 billion trade surplus, with exports and imports rising 0.34% and 10.05%, respectively.

Indonesia’s trade surplus declined sharply to USD 1.28 billion in February 2026, from USD 3.09 billion in the same month last year, falling below market expectations of USD 1.55 billion. Imports rose 10.85% yoy to USD 20.89 billion, slowing from 18.21% in January. Meanwhile, exports increased 1.01% yoy, easing from a 3.39% rise in January and coming in below expectations of 3.2%, marking the softest growth in exports since last November, when outbound shipments declined. Non-oil and gas exports grew 1.30% to USD 21.09 billion, supported by increases in animal and vegetable fats and oils (16.19%), iron and steel (3.31%), and electrical machinery and equipment, including parts (11.05%). Meanwhile, oil and gas exports dropped 4.25% to USD 1.08 billion, dragged down by sharp falls in crude oil (-34.24%) and declines in natural gas exports (-6.81%). In the first two months of the year, the country posted a USD 6.59 billion trade surplus, with exports rising 2.19% while imports fell 14.44%.