Indonesia Maintains Strong Trade Surplus in Q1 2026

Indonesia continues to demonstrate robust economic resilience, with its trade balance maintaining a positive trajectory, achieving a cumulative surplus of US$5.55 billion in the first quarter of 2026. This sustained performance, as reported by Badan Pusat Statistik (BPS), extends a remarkable streak of 71 consecutive months of trade surplus since May 2020, underscoring the nation's stable economic footing amidst global economic fluctuations.

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The trade balance recorded a positive performance, with a cumulative trade surplus of US$5.55 billion for the January-March 2026 period.

At the heart of this achievement is the strong performance of non-oil and gas commodities, which generated a surplus of US$10.63 billion. This highlights the diversification and strength of Indonesia's export base beyond traditional energy resources. While the oil and gas sector still faces a deficit of US$5.08 billion, the overall surplus indicates a healthy balance of trade, driven significantly by manufactured goods and other non-resource exports.

Total exports reached US$66.85 billion, a modest increase of 0.34% compared to the previous year. Notably, the manufacturing sector emerged as a key driver, recording an export growth of 3.96% to US$54.98 billion. This growth is a testament to Indonesia's industrial capabilities and its increasing competitiveness in global markets.

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The surplus was supported by the continued positive performance of non-oil and gas commodities, while the oil and gas trade still experienced a deficit.

From an Indonesian perspective, this consistent trade surplus is more than just an economic indicator; it reflects the success of national policies aimed at strengthening domestic industries and diversifying export markets. The primary export destinations for non-oil and gas commodities—China, the United States, and India—account for a significant portion of Indonesia's trade, demonstrating the nation's integral role in global supply chains. The focus on sectors like iron and steel, nickel, and machinery showcases Indonesia's strategic industrial development. This economic stability provides a strong foundation for national development and reinforces Indonesia's position as a key player in the regional and global economy, a narrative often underappreciated in Western media which may focus more on commodity price fluctuations rather than the underlying industrial growth.

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The manufacturing sector was a driver, with export value growth of 3.96 percent to US$54.98 billion.