In February, Indonesia's trade balance continued to show a surplus of USD 0.87 billion. Cumulatively, Indonesia's trade surplus from January to February 2024 reached USD 2.87 billion. Febrio Kacaribu, Head of Fiscal Policy Agency at the Ministry of Finance, explained that the continuation of the trade surplus reflects Indonesia's resilient external position amidst the ongoing high global economic volatility. "However, the government will continue to anticipate global risks to mitigate their impact on the national economy," said Febrio in a statement on Sunday (March 17, 2024).
Indonesia's export value in February 2024 reached USD 19.31 billion, down by 9.45% (yoy). This decline mainly stemmed from non-oil and gas exports, which decreased by 10.15% (yoy) due to lower exports of coal, iron and steel, and palm oil. Moderation in commodity prices and a decrease in global trade volume contributed to the decline in Indonesia's non-oil and gas exports. By sector, a decrease was observed in exports of manufactured goods by 11.49% (yoy) and mining and other sectors by 7.54% (yoy), while the agricultural sector grew by 16.91% (yoy). Cumulatively, total exports from January to February 2024 amounted to USD 39.80 billion. On the other hand, Indonesia's imports in February 2024 amounted to USD 18.44 billion, up by 5.84% (yoy). The increase in imports was driven by non-oil and gas sectors, which grew by 14.42% (yoy), and the oil and gas sector by 23.82% (yoy). "The increase in imports is also influenced by the rise in imports of key commodities such as plastic raw materials, machinery/mechanical equipment, and electrical machinery/equipment," explained Febrio.
