The Indonesian government continues to strengthen various efforts to encourage increased national exports, one of which is through the establishment of the National Export Increase Task Force on September 20, 2023. Amidst the current global economic conditions, Indonesia’s export performance has been able to show good performance where in May 2024 the value of Indonesian exports reached USD22.33 billion, an increase of 13.82% mtm or 2.86% yoy.
This achievement consists of oil and gas exports of USD1.42 billion and non-oil and gas exports of USD20.91 billion. Thus, oil and gas exports increased by 5.12% (mtm) and non-oil and gas exports increased by 14.46% (mtm). Cumulatively from January to May 2024, Indonesia’s exports have reached USD104.25 billion, experiencing a decrease of 3.52% (ctc).
“Indonesia’s trade balance in May 2024 was a surplus of USD2.93 billion, continuing the trend of a surplus for 49 consecutive months. “The trade balance surplus was supported by a non-oil and gas sector surplus of USD4.26 billion, but was reduced by an oil and gas sector deficit of USD1.33 billion,” said Coordinating Minister for Economic Affairs Airlangga as Chair of the National Export Enhancement Task Force Steering Team.
The increase in Indonesia’s non-oil and gas exports in May 2024 compared to April 2024 was supported by an increase in the value of exports to most of the main destination countries, such as China, the United States, and Japan. Indonesia’s exports to ASEAN and the European Union also increased.
The increase in manufacturing activity in several of Indonesia’s main trading partners indicates an increase in the absorption capacity of Indonesia’s export products. This is reflected in the increase in the manufacturing PMI activity of China, the United States, ASEAN and the European Union.
Of the ten commodities with the largest non-oil and gas export values, almost all commodities increased, with the largest increase in electrical machinery and equipment and its parts of USD263.6 million (up 26.66%). Meanwhile, only animal/vegetable fats and oils decreased by USD268.0 million (down 14.32%).
By sector, the export performance of the Manufacturing industry sector increased by 16.40% mtm, Mining and Others increased by 6.26% mtm, Agriculture, Forestry, and Fisheries increased by 32.45% mtm, and oil and gas increased by 5.12% mtm.
“Meanwhile, the import value in May 2024 reached USD19.40 billion, up 14.82 percent mtm but down 8.83 percent yoy, consisting of non-oil and gas imports of USD16.65 billion, up 19.70 percent mtm but down 8.23 percent yoy and oil and gas imports of USD2.75 billion, down 7.91 percent mtm and 12.34 percent yoy,” said Coordinating Minister Airlangga.
Cumulatively, Indonesia’s total imports from January to May 2024 reached USD91.19 billion or down 0.42% (ctc). The largest import performance based on the classification of goods use is Raw Materials/Auxiliary, followed by Capital Goods, then Consumer Goods.
The three countries with the largest increase in non-oil and gas imports are China, the United States, and Thailand. Meanwhile, the Netherlands is the country with the deepest decline in non-oil and gas commodity imports.