Such a decline in the trade balance was not only experienced by Indonesia, but also by other countries in Southeast Asia, he noted here.
“When I met with fellow trade ministers during the ASEAN Summit in Kuala Lumpur, we discussed the impact (of Trump’s tariffs policy), which is big. It even triggered many exporters to (adopt a) wait and see (approach),” Santoso said.
He informed that many ASEAN countries are still eager to export to the US. Indonesia is also currently negotiating a tariff relief with the US, he added.
Another factor that affected the April figure was the lower trade balance in March due to the Eid holiday.
According to Santoso, many export activities stopped because most companies decided to suspend shipping.
“After we checked in several countries such as Malaysia, the Philippines, and Vietnam, we analyzed yesterday that early April was still Eid holiday. So, there were still many because of the holiday, so it decreased,” he explained.
Santoso said he hopes that following the recent meeting with US representatives at APEC, Indonesia’s trade balance would increase in May and June.
“Hopefully, everything will return to normal soon,” he added.
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In April 2025, Indonesia recorded a trade surplus for the 60th consecutive month. However, at US$160 million, the figure was the lowest on record since May 2020.
According to the Central Statistics Agency (BPS), the positive trade balance in April this year was supported by a surplus in non-oil and gas commodities of US$1.51 billion.
Deputy for Distribution and Services Statistics at the BPS Pudji Ismartini said the main commodities that contributed to the surplus were mineral fuels, animal or vegetable fats and oils, as well as iron and steel.
"At the same time, the trade balance for oil and gas commodities recorded a deficit of US$1.35 billion, with the commodities contributing to the deficit being oil and crude oil," she informed on Monday.
She said the cumulative trade balance for the period from January to April registered a surplus of US$11.07 billion.
The figure was supported by a positive balance in non-oil and gas commodities of US$17.26 billion, while oil and gas trade still experienced a deficit of US$6.19 billion.
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Translator: Maria Cicilia Galuh Prayudhia, Yashinta Difa
Editor: Rahmad Nasution
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