Indonesia’s trade surplus narrowed to USD 2.66 billion in November 2025, down from USD 4.34 billion in the same month a year earlier, below market estimates of USD 3.1 billion, as exports fell while imports rose. Exports fell 6.6% yoy to a seven-month low of USD 22.52 billion, marking the second consecutive monthly decline and the steepest drop since February 2024. Oil and gas exports slumped 32.88%, while non–oil and gas exports fell 5.09% to USD 21.64 billion after a 0.51% decline in October, driven by weaker demand from China (-7.35%) and Japan (-12.34%). Meanwhile, shipments to the US accelerated to 9.45% from 7.41% in October, despite the imposition of new US tariffs. Meanwhile, imports grew 0.46% from a year earlier, rebounding from a 1.15% decline in October, below forecasts of a 3.2% rise. Over the first eleven months of 2025, Indonesia registered a trade surplus of USD 38.54 billion, with exports and imports advancing 5.61% and 2.03% year-on-year, respectively.