Indonesia's Monthly Export-Import Performance Declines in February 2024

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Cindy Mutia Annur 18/03/2024 18:08 WIB

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Indonesia's export and import performance both declined month-on-month in February 2024, according to a report by the Central Statistics Agency.

Indonesia's Monthly Export and Import Values (January 2022–February 2024)

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Indonesia's Monthly Export and Import Values (January 2022–February 2024)

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Indonesia's export and import performance both declined month-on-month in February 2024.

According to a report by the Central Statistics Agency (BPS), Indonesia's total export value in February 2024 reached US$19.31 billion.

This figure decreased by 5.79% compared to January 2024 (month-on-month/mom), and decreased by 9.45% compared to June of the previous year (year-on-year/yoy).

BPS stated that the decline in February 2024 exports was due to non-oil and gas exports falling 5.27% (mom) from US$19.1 billion to US$18.09 billion. Meanwhile, oil and gas exports fell by 12.93% (mom) from US$1.4 billion to US$1.22 billion.

The decrease in oil and gas exports was caused by a 39.08% (mom) drop in gas exports to US$504.7 million, while crude oil exports increased by 25.09% (mom) to US$196.7 million, and refined oil exports rose by 25.15% (mom) to US$515.5 million.

In February, Indonesia's imports also decreased by 0.29% month-on-month (mom), but surged by 15.84% year-on-year (yoy) to US$18.44 billion.

Breaking it down further, non-oil and gas imports fell by 2.12% (mom) to US$15.46 billion, while oil and gas imports increased by 10.42% (mom) to US$2.98 billion.

The increase in oil and gas imports was due to a 15.4% rise in crude oil imports to US$842.2 million and an 8.56% increase in refined oil imports to US$2.13 billion, while gas imports fell by 96.23%.

With higher export values compared to imports in February 2024, Indonesia still recorded a trade surplus of US$867 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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