US Remains Indonesia's Largest Contributor to Trade Surplus
The United States remains the largest contributor to Indonesia’s non-oil and gas trade surplus from January to May 2026. The performance of non-oil and gas exports has also kept Indonesia’s overall trade balance in surplus, despite the oil and gas sector still experiencing a deficit.
The Ministry of Trade recorded a non-oil and gas trade surplus of $16.31 billion during the first five months of 2026. This figure was sufficient to cover the oil and gas trade deficit of $12.28 billion, resulting in a cumulative trade surplus of $4.03 billion for Indonesia.
Trade Minister Budi Santoso stated that non-oil and gas trade remains the main pillar supporting Indonesia’s foreign trade performance amid global economic uncertainty. ‘Although the trade balance in May 2026 was in deficit, cumulatively Indonesia’s trade performance still recorded a surplus. This proves that Indonesia’s non-oil and gas trade performance remains robust in the face of global challenges,’ Budi said in a statement.
According to Ministry of Trade data, the US recorded the largest non-oil and gas trade surplus for Indonesia, valued at $8.47 billion from January to May 2026. India followed with a surplus of $5.34 billion, and the Philippines with $3.42 billion.
The trade surplus was supported by several of Indonesia’s main commodities. Animal or vegetable fats and oils were the largest surplus contributor at $13.92 billion, followed by mineral fuels at $10.88 billion, and iron and steel at $7.09 billion.
Budi said the government will continue to expand export market access while increasing the added value of national products to maintain trade performance. ‘Going forward, the government will continue to expand export market access while increasing the added value of national products so that export performance is maintained,’ Budi said.
The value of Indonesia’s non-oil and gas exports from January to May 2026 reached $110.19 billion, growing 3.89 percent compared to the same period last year. Meanwhile, total Indonesian exports reached $115.36 billion, an increase of 3.02 percent year-on-year.
The processing industry sector remained the main driver of national exports with a growth of 6.80 percent. This increase was driven by rising exports of aluminium and articles thereof, nickel and articles thereof, and organic chemicals.
The Ministry of Trade also noted that several export markets recorded high growth during January to May 2026. Non-oil and gas exports to Romania increased by 409.78 percent, followed by Hong Kong at 34.01 percent, Egypt at 33.73 percent, Thailand at 19.32 percent, and China at 17.68 percent compared to the same period the previous year.