In February 2024, Indonesia registered a trade surplus with a value of USD 0.87 billion, comprising a non-oil and gas surplus of USD 2.63 billion and a trade deficit in oil and gas of USD 1.76 billion. This marks the country's 46th consecutive month of trade surplus. Minister of Trade, Zulhas, attributed the surplus mainly to non-oil and gas trade, highlighting the strength of non-oil and gas exports at USD 18.09 billion. Major contributors to Indonesia's trade surplus in February 2024 were the United States (USD 1.25 billion), India (USD 1.10 billion), and the Philippines (USD 0.63 billion). Conversely, China, Singapore, and Thailand were the largest contributors to the trade deficit. Cumulatively, Indonesia recorded a trade surplus of USD 2.87 billion for January-February 2024, lower than the USD 9.28 billion surplus in the same period last year. The surplus comprised USD 5.93 billion in non-oil and gas and USD 3.06 billion in oil and gas. Despite a 5.79% month-on-month decrease in total exports to USD 19.31 billion in February 2024, mining and agriculture sectors experienced increases of 9.66% and 5.37%, respectively, in exports. Conversely, manufacturing exports decreased by 9.22% due to declines in various commodities such as iron and steel, fats and oils, and precious metals.
Main non-oil and gas export products experiencing significant declines included iron and steel, fish and shrimp, fats and oils, precious metals, and tobacco and cigarettes. However, products like ores, slag, and ash; coffee, tea, and spices; processed foods; vehicles and parts; and inorganic chemicals showed notable increases. China, the US, and India remained major export destinations, contributing USD 7.69 billion, representing 42.53% of Indonesia's total non-oil and gas exports. Some countries experienced deep contractions in imports from Indonesia, while others saw substantial increases. In February 2024, Indonesia's total imports amounted to USD 18.44 billion, showing a slight decrease month-on-month but a significant increase year-on-year. The decline was mainly due to decreased non-oil and gas imports, while oil and gas imports increased. Main imports experiencing significant declines included metal ores, precious metals, cotton, knitted fabric, and oil-containing seeds and fruits. Overall, Indonesia's trade dynamics in February 2024 underscored both challenges and opportunities, with efforts needed to mitigate the impact of global economic slowdowns while tapping into markets with strong manufacturing growth, such as India and the US.
