Indonesia posted a trade surplus of US$2.66 billion in November, despite a surge in capital goods imports and weaker commodity exports. The surplus exceeded October’s $2.39 billion, extending the country’s run of monthly surpluses to 67 consecutive months.
“The trade surplus was primarily underpinned by non-oil and gas commodities, particularly animal and vegetable fats and oils, iron and steel, as well as nickel and related products,” Statistics Indonesia (BPS) Deputy for Distribution and Services Pudji Ismartini said at a press conference on Monday. These categories generated a combined surplus of $4.64 billion in November, she added.
Exports in November fell 6.6 percent year-on-year to $22.52 billion, dragged down by lower shipments of key commodities including coal, palm oil, nickel, and copper, BPS data show. Mining products bore the brunt of the slowdown, falling 32.88 percent year-on-year, while manufacturing exports declined 5.09 percent. Coal export volumes stood at 34.17 million tonnes, down 2.72 percent year-on-year, while crude palm oil shipments totaled 1.36 million tonnes, plunging 28.86 percent.
Imports edged up 0.46 percent year-on-year to $19.86 billion, supported by strong capital goods purchases, which jumped 17.27 percent from a year earlier. Raw material imports declined 3.56 percent, while consumer goods imports slipped 1.76 percent.
Over the January-November 2025 period, Southeast Asia’s largest economy posted a cumulative trade surplus of $38.54 billion. Non-oil and gas trade recorded a surplus of $56.15 billion in the first 11 months of 2025, offsetting a $17.61 billion deficit in oil and gas trade. The United States remained Indonesia’s largest surplus contributor at $16.54 billion, up 27.5 percent from a year earlier, far ahead of runner-up India at $12.06 billion. Jakarta is still in talks with Washington over “reciprocal” tariffs, which the US has linked to Indonesia’s sizable trade surplus, with both sides aiming to sign a trade deal by the end of the month. Meanwhile, Indonesia’s largest trade deficit was with China, widening to $17.74 billion from $9.55 billion a year earlier.
Bank Danamon economist Hosianna Situmorang noted that the export contraction was driven by a sharp decline in coal shipments, particularly to China and India, amid weak global prices and a high base effect. “Looking ahead, export duties on gold and coal may weigh on export performance in 2026, compounded by lower palm oil volumes due to flooding in Sumatra,” she said. Vehicle imports rose 12.89 percent year-on-year in January-November, driven by $4.37 billion worth of shipments from China, as battery electric vehicle wholesales peaked ahead of the Dec. 31, 2025, incentive deadline.
January 5, 2026, The Jakarta Post
(https://www.thejakartapost.com/business/2026/01/05/ri-surplus-holds-despite-weaker-coal-exports-rising-imports.html)