Indonesia Trade Surplus Hits $2.66 Billion in November, Extends 67-Month Run Despite Export Drop

JAKARTA, Investortrust.id — Statistics Indonesia or BPS reports Indonesia records a $2.66 billion trade surplus in November 2025 in Jakarta on Monday, Jan 5, 2026, extending a surplus streak to 67 consecutive months since May 2020 despite weakening exports. The surplus reflects resilient non oil and gas trade that continues to offset structural deficits in the energy sector.

BPS said the November surplus was driven by a $4.64 billion non oil and gas surplus, supported mainly by animal and vegetable fats and oils, iron and steel, and nickel and related products. At the same time, the oil and gas balance remained in deficit at $1.98 billion, largely due to crude oil and refined fuel imports.

“Indonesia’s trade balance has recorded a surplus for 67 consecutive months since May 2020,” said Pudji Ismartini, Deputy for Distribution and Services Statistics at Statistics Indonesia.

Export performance weakened in November, with total exports falling 6.6% year on year to $22.52 billion. Imports edged up 0.46% annually to $19.86 billion, allowing the trade balance to remain positive despite softer external demand.

Oil and gas exports plunged 32.88% year on year to $0.88 billion, while non oil and gas exports declined 5.09% to $21.64 billion. BPS said the annual contraction was mainly driven by falling non oil and gas shipments.

Mineral fuels recorded the sharpest decline, down 18.89% year on year with a negative contribution of 2.77 percentage points. Animal and vegetable oils fell 18.81%, while iron and steel exports dropped 17.14%, reflecting lower global commodity prices and softer demand.

By sector, the mining and quarrying sector posted the deepest contraction, down 22.28% year on year, equivalent to a $2.99 billion decline. The drop was driven by lower exports of coal, copper ore, lignite, zirconium, niobium, tantalum, and titanium ores.

Agriculture, forestry, and fisheries exports also contracted by 6.09%, while manufacturing exports slipped 1.46% to $18.11 billion, indicating broad based pressure across export oriented sectors.

On a cumulative basis, Indonesia posted a $38.52 billion trade surplus in January to November 2025, up $9.3 billion from the same period a year earlier. Non oil and gas trade contributed a $56.15 billion surplus, while the oil and gas sector recorded a $17.61 billion deficit.

“Defisit neraca perdagangan migas berkurang $1.03 billion dibandingkan periode yang sama tahun lalu,” Pudji said.

By trading partner, Indonesia continued to post cumulative surpluses with the United States at $16.54 billion, India at $12.06 billion, and the Philippines at $7.81 billion. Meanwhile, deep deficits persisted with China at minus $17.74 billion, Australia at minus $5.04 billion, and Singapore at minus $4.66 billion.

Animal and vegetable fats and oils remained the largest surplus contributing commodity in January to November at $30.29 billion, followed by mineral fuels at $25.2 billion and iron and steel at $17.02 billion. The largest deficit contributors were mechanical machinery, electrical machinery, and plastics and plastic products.