EL7.AI
Macro EconomyMediumUpdated×2•Originally published 2 November 2026•Updated 2 November 2026•
4 min read

Indonesia’s Trade Surplus Reaches $3.36 Billion as Exports Jump 11.87% in September

Key Facts

1Indonesia’s trade surplus reached $3.36 billion in September 2026, with exports of $27.59 billion and imports of $24.23 billion.
2Exports grew 11.87% year on year in September, compared with a 6.45% forecast and 6.72% growth in August.
3Imports rose 18.41% year on year, below the 20.83% forecast and following 19.09% growth in August.
4Non-oil trade posted a $5.67 billion surplus, while oil and gas trade recorded a $2.31 billion deficit in September.
5The cumulative trade surplus reached $10.61 billion in January–September 2026.

Indonesia posted a trade surplus of $3.36 billion in September 2026, with exports at $27.59 billion and imports at $24.23 billion, according to statistics agency data cited by CNBC Indonesia. The surplus was above the Reuters poll’s average forecast of $1.9 billion, according to The Business Times. Exports rose 11.87% year on year, exceeding a forecast for 6.45% growth, and accelerated from a 6.72% increase in August, according to Trading Economics. Imports grew 18.41% year on year, below estimates of 20.83% and following a 19.09% increase in August. The figures show export growth exceeded expectations while import growth was slower than forecast, alongside a trade surplus of $3.36 billion.

The surplus comprised two opposing components: non-oil goods trade posted a $5.67 billion surplus, while oil and gas trade recorded a $2.31 billion deficit in September. The statistics agency attributed the overall surplus mainly to non-oil goods trade, according to CNBC Indonesia. Goods contributing to the sector’s surplus included animal and vegetable fats and oils, mineral fuels, and iron and steel. The oil and gas deficit was concentrated mainly in petroleum products and crude oil, according to the same report. This contrast highlights the role of non-oil trade in offsetting the deficit recorded in the energy sector during the month.

Shipment data provided context for export growth; a report by The Business Times citing Reuters said it was supported by shipments of processed palm oil, nickel and aluminum. Coverage corrections also reported that products including animal and vegetable fats and oils, copper and electrical machinery contributed to September export growth, and that manufacturing exports posted year-on-year growth. In terms of markets, non-oil exports to China grew on a cumulative basis, according to the correction based on a Bisnis.com report. These details point to the range of products and sectors linked to export activity, as well as the role of commodities and processed products in shipments. The available information did not include separate figures for these contributions or sector growth rates.

Over the first nine months of 2026, Indonesia’s goods trade surplus reached $10.61 billion, according to the statistics agency as cited by ANTARA News. The non-oil trade surplus for the period was $34.21 billion, compared with a $23.60 billion deficit in oil and gas trade, according to CNBC Indonesia. The cumulative result reflects the continued gap between the non-oil goods surplus and the energy deficit, while the net goods trade balance remained positive. These figures cover a different period from September’s monthly reading, spanning January to September. The nine-month total places September’s surplus within a cumulative balance that remained supported by strong non-oil trade.

Cumulative trade results varied by trading partner. The United States was Indonesia’s largest contributor to its trade surplus among partners in January–September, with a surplus of $14.26 billion, followed by India at $10.59 billion and the Philippines at $6.48 billion, according to CNBC Indonesia. On the deficit side, Indonesia recorded its largest trade deficit with China, at $21.20 billion, followed by Singapore at $7.03 billion and Australia at $5.78 billion. These figures show cumulative balances by partner, not September’s result alone. Indonesia therefore recorded surpluses with some major markets and deficits with others across the first nine months of the year.

Higher oil prices were among the factors cited by a CNBC Indonesia report in the context of economists’ expectations for an increase in the import bill, not as a confirmed explanation for September’s result. This background is relevant to the distribution of the month’s surplus and deficit, as the non-oil surplus offset the oil and gas trade deficit. The report did not quantify the effect of oil prices on import values or the actual trade balance. The available September comparisons are export growth of 11.87% and import growth of 18.41% year on year, with the monthly surplus exceeding the Reuters forecast of $1.9 billion. The information does not specify a later date or provide new trade balance forecasts.