JAKARTA: Statistics Indonesia (BPS) has reported a trade surplus of US$5.55bil in the first quarter of this year, about half the US$10.91bil surplus recorded in the same period last year.
The softer figure came amid a 32.5% drop in the non-oil and gas trade surplus to US$10.63bil, as well as an oil and gas deficit that widened by around 5% to US$5.08bil.
However, the country has maintained a trade surplus for 71 consecutive months since May 2020.
Exports in the first quarter showed only marginal growth, rising 0.34% year-on-year (y-o-y) to US$66.85bil.
The increase was driven by non-oil and gas shipments, which edged up 0.98% to US$63.6bil, while oil and gas exports dropped 10.58% to US$3.25bil.
The decline in energy exports was broad-based, with crude oil shipments plunging 44.32%, alongside smaller declines in refined fuel and natural gas exports.
While manufacturing exports continued to expand, rising 3.96% in the first quarter, supported by strong nickel shipments, the gains were not enough to offset declines in other key sectors as mining exports fell 11.17% y-o-y.
This was primarily caused by weaker coal shipments.
“Overall, global commodity prices showed mixed movements in March, both on a monthly and annual basis.
“On a yearly basis, prices increased across energy, precious metals, as well as metals and minerals,” BPS official Ateng Hartono said at a press conference.
“The rise in energy prices was mainly driven by higher crude oil and coal prices.
“Coal prices in the international market in March 2026 rose by 33.31% compared with March 2025.”
Agricultural, forestry and fishery exports also dropped sharply by 32.18% in the first quarter, mainly due to weaker coffee shipments.
Although downstream products such as nickel and related goods remained a bright spot, posting a US$1.23bil increase, 60.6%, the broader export base appeared increasingly uneven.
Other manufactured products, including vehicles, chemicals and machinery, recorded moderate gains, while palm oil exports also contributed to a 1.26% monthly decline in manufacturing shipments in March.
On the import side, rising domestic demand further compressed the trade surplus.
Total imports jumped 10.05% y-o-y to US$61.3bil in the first quarter, largely driven by a 12.16% increase in non-oil and gas imports.
The import structure points to sustained industrial activity, according to BPS, with capital goods and raw materials rising by 4.98% and 2.15% y-o-y in March, respectively.
On the other hand, consumer goods dropped by 10.81% during the same period.
Alongside mechanical and electrical machinery, plastics remained among the top imported non-oil and gas commodities in the first quarter, with plastic imports reaching US$2.5bil, with a volume of 1.65 million tonnes.
This marked an increase both in value and volume compared with the same period last year.
“In March 2026, plastic imports stood at US$338.1mil, declining 14.96% month-to-month.
“In terms of origin, the raw materials for plastics were primarily sourced from China at 34.79%, followed by Singapore at 12.35% and Thailand at 11.65%,” he said.
The Indonesian economy continues to grow at roughly 5%, with 2025 growth supported by services, agriculture and net exports. Gross domestic product is projected to surpass US$2 trillion by 2029. — The Jakarta Post/ANN
