Executive Summary

Key insights and market outlook

Indonesia's trade balance recorded a US$38.54 billion surplus from January to November 2025, representing a 31.8% increase compared to the same period last year ³

. The surplus was primarily driven by non-oil and gas exports, particularly to the United States, India, and the Philippines. Meanwhile, imports rose 2.03% to US$218.02 billion during the same period, with significant growth in capital goods imports ⁷.

Full Analysis

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Deep Dive Analysis

Indonesia's Trade Performance Shows Strong Surplus Through November 2025

Trade Balance Highlights

Indonesia's trade balance maintained its positive trajectory through November 2025, recording a US$38.54 billion surplus during the first eleven months of the year ³

. This represents a significant 31.8% increase from the US$29.24 billion surplus recorded during the same period in the previous year. The surplus was primarily driven by robust non-oil and gas exports, which more than offset the deficit in the oil and gas sector ³.

Export Performance

The country's export performance remained strong, with total exports reaching US$256.56 billion from January to November 2025, representing a 5.61% increase year-on-year ²

. Non-oil and gas exports led the growth, rising 7.07% to US$244.75 billion, while oil and gas exports declined 17.64% to US$11.81 billion. Key sectors driving the export growth included processed industrial products and agricultural products, with notable contributions from palm oil, jewelry, and electronic components ².

Import Trends

On the import side, Indonesia recorded a total import value of US$218.02 billion during the January-November 2025 period, marking a 2.03% increase compared to the same period last year ⁷

. The growth was primarily driven by capital goods imports, which rose 18.54% to US$44.81 billion, reflecting increased investment in machinery and equipment. Conversely, imports of raw materials and consumption goods showed more moderate growth patterns ⁷.

Monthly Trade Balance

In November 2025 specifically, Indonesia's trade balance recorded a surplus of US$2.66 billion, continuing the country's 67-month streak of consecutive trade surpluses since May 2020 ⁴

. The monthly export value stood at US$22.52 billion, representing a 6.60% decline year-on-year, while imports reached US$19.86 billion, showing a 0.46% increase from November 2024 ¹⁵.

Key Trading Partners

The United States remained Indonesia's largest contributor to the trade surplus, followed by India and the Philippines ⁴

. Conversely, China continued to be the largest source of trade deficit for Indonesia. The country's diversified trading relationships helped maintain its overall trade surplus position despite regional economic fluctuations.

References