Indonesia's Trade Balance Shows Surplus in February 2024, but Value Decreases

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Erlina Fury Santika 15/03/2024 16:05 WIB

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BPS data shows Indonesia's February 2023 trade balance surplus reached US$867 million (US$0.87 billion). The surplus is declining.

Indonesia's Trade Balance Surplus/Deficit by Month (February 2020-February 2024)

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Indonesia's Trade Balance Shows Surplus in February 2024, but Value Decreases

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Indonesia's Trade Balance Surplus/Deficit by Month (February 2020-February 2024)

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The Central Statistics Agency (BPS) reported that Indonesia's trade balance surplus reached US$876 million (US$0.87 billion) in February 2024. This achievement extends the surplus streak from four years ago.

"Thus, Indonesia's trade balance has recorded a surplus for 46 consecutive months since May 2020," said the Acting Head of BPS, Amalia A. Widyasanti, in an online press conference on Friday (March 15, 2024).

Although a surplus, the figure is increasingly smaller. The February surplus was US$1.13 billion lower than January 2024 (month-to-month or mtm). It also decreased by US$4.54 billion from February 2023 (year-on-year or yoy).

In its report, BPS explained that the surplus was supported by the non-oil and gas sector, amounting to US$2.63 billion. The main commodities were mineral fuels, animal and vegetable fats and oils, and iron and steel.

Unfortunately, the surplus was reduced by a US$1.76 billion trade deficit in the oil and gas sector in February 2024. This was contributed by oil and crude oil products.

"The oil and gas trade deficit in February 2024 was lower than the previous month and the same month of the previous year [2023]," said Amalia.

During January-February 2024, the oil and gas sector experienced a deficit of US$3.06 billion. However, a surplus of US$5.93 billion still occurred in the non-oil and gas sector, resulting in a total surplus of US$2.87 billion.

BPS recorded at least three countries as the largest contributors to Indonesia's trade surplus in February 2024.

First, the United States, at US$1.44 billion. Followed by India at US$1.14 billion and the Philippines at US$627.8 million.

The three largest contributors to the deepest deficits were China (minus US$1.85 billion); Thailand (minus US$549.6 million); and Singapore (minus US$317.1 million).

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's Trade Balance Shows Surplus in February 2024, but Value Decreases

Indonesia's Trade Balance Shows Surplus in February 2024, but Value Decreases

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