Executive Summary

Key insights and market outlook

Indonesia recorded a US$2.66 billion trade surplus in November 2025, up from US$2.39 billion in October 2025 ¹

². The surplus was primarily driven by strong non-oil and gas (nonmigas) exports, which recorded a US$4.64 billion surplus, while the oil and gas sector recorded a US$1.98 billion deficit ¹. This marks the 67th consecutive month of trade surplus since May 2020.

Full Analysis

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Deep Dive Analysis

Indonesia's Trade Surplus Continues with US$2.66 Billion in November 2025

Strong Non-Oil & Gas Exports Drive Surplus

Indonesia's trade balance maintained its positive trajectory, recording a US$2.66 billion surplus in November 2025, representing a slight increase from the US$2.39 billion surplus in October 2025 ¹

². This consistent performance has extended Indonesia's trade surplus streak to 67 consecutive months since May 2020 ¹.

The positive trade balance was primarily driven by the non-oil and gas (nonmigas) sector, which achieved a significant US$4.64 billion surplus. Conversely, the oil and gas sector continued to experience a deficit, amounting to US$1.98 billion ¹

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Cumulative Trade Performance

On a cumulative basis, Indonesia's trade surplus for the period January-November 2025 reached US$38.54 billion, marking a substantial increase compared to the US$29.24 billion surplus recorded during the same period in 2024 ¹

. This improvement underscores the strength of Indonesia's export performance, particularly in the nonmigas sector.

Agricultural Export Potential

The positive trade balance is further supported by strong agricultural production. The National Food Agency (Bapanas) reported that corn production in 2025 reached 16.11 million tons, exceeding domestic consumption needs of 15.64 million tons, resulting in a surplus of approximately 470,000 tons ³

. This surplus positions Indonesia to potentially export corn in 2025, with carry-over stocks projected to meet nearly three months of national consumption needs.

References