Indonesia Trade Trends November 2024

According to data from Statistics Indonesia, the country’s exports expanded by 9.1 per cent year on year in November 2024, while imports remained flat.

Southeast Asia’s largest economy posted a trade surplus of USD 4.4 billion in November, marking the 55th consecutive month of recording a trade surplus.

Cumulatively, during the first 11 months of 2024, Indonesia’s exports increased by 2.1 per cent and imports grew by 4.7 per cent.

Shipments of manufactured products rose nearly 14 per cent on an annual basis; however, exports of top commodities such as coal fell 4.4 per cent from a year earlier, while palm oil shipments were up by only 2.2 per cent.

Indonesia confirmed China as the top trading partner in November, followed by the United States and India, with the contribution of the three reaching 44.8 per cent of the total.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, comprising 667 million people and a territory of 4.5 million km². It is currently the third-largest economy in Asia-Pacific and the fifth-largest in the world. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.