Indonesia maintained a strong trade surplus in September, driven by robust manufacturing exports that offset declines in coal shipments amid falling global energy prices, according to data released by Statistics Indonesia (BPS) on Monday.
Total exports reached $24.68 billion in September, up 11.4% year-on-year, while imports rose 7.17% to $20.34 billion, resulting in a surplus of $4.34 billion, the country’s 65th consecutive monthly surplus. Non-oil and gas exports accounted for nearly all of the growth, climbing 12.79% to $23.68 billion.
BPS Deputy for Distribution and Service Statistics, Pudji Ismartini, reported that non-oil and gas exports from January to September stood at $209.8 billion, an 8.14% increase from the same period last year.
She attributed the rise primarily to manufacturing, which contributed more than 12% of total export growth, led by palm oil, base metals, jewelry, organic chemicals, and semiconductors.
Manufacturing activities, including processing industries such as crude palm oil (CPO), cushioned the impact of a sharp 20.85% year-on-year decline in coal exports due to softer global prices.
Palm oil exports jumped 32.4% and iron and steel exports rose 11.81% over the nine-month period, reflecting a transition toward higher-value-added goods.
In September alone, exports of precious metals and jewelry soared 168.57% year-on-year, iron and steel climbed 23.67%, and vegetable oils, including palm oil, increased 18%.
BPS said the shift in export composition mirrored global price movements, with energy commodities such as coal and crude oil declining, while gold and other precious metals strengthened.
Imports rose 2.62% in the first nine months of 2025 to $176.32 billion, supported mainly by higher purchases of capital goods like machinery and electrical equipment. Non-oil and gas imports grew 5.17% to $152.57 billion.
The cumulative trade surplus for January through September stood at $33.48 billion, up from $22.18 billion a year earlier. Non-oil and gas products contributed a $47.20 billion surplus, which outweighed a $13.7 billion deficit in oil and gas trade.
The September surplus was lower than the $5.49 billion recorded in August, a decline expected by analysts as imports picked up alongside rising domestic demand.
Permata Bank Chief Economist Josua Pardede noted that exports still grew faster than anticipated, supported by strong shipments of precious metals and manufactured goods.
He added that the manufacturing purchasing managers’ index (PMI) of most major trading partners improved in September, sustaining external demand.
Exports to China, Indonesia’s largest trading partner, totaled $46.47 billion in the first nine months of the year, up 9.19%, driven by iron and steel demand.
The United States remained the second-largest market with $23.03 billion in imports from Indonesia, led by a 37.6% rise in electrical machinery shipments. Exports to India fell 25.42% due to weaker demand for mineral fuels.
Bank Danamon economist Hosianna Evalita Situmorang observed that Indonesia’s trade surplus with ASEAN partners, excluding the Philippines and Singapore, strengthened to $5.68 billion.
She also noted that vehicle imports, which accounted for 5.41% of total imports, increased 20.33% year-on-year, with China remaining the top supplier at $3.52 billion.
Analysts expect the U.S.–China trade dynamics to benefit Indonesia’s exports, particularly in nickel and steel, with an estimated monthly boost of up to $0.3 billion from PT Amman Mineral International’s 480,000-ton copper ore license.
The data highlight Indonesia’s deepening reliance on manufactured and intermediate products, strengthening the nation’s resilience against commodity price fluctuations and external economic pressures.
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