Indonesia's trade balance showcased a surplus in February 2024, amounting to USD 0.87 billion. This surplus comprised 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 Indonesia's 46th consecutive month of recording a trade surplus. Trade Minister Zulkifli Hasan announced that the surplus, primarily driven by non-oil and gas trade, reflects the strength of non-oil and gas exports, reaching USD 18.09 billion in February 2024. Major contributors to Indonesia's trade surplus included 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, although lower compared to the same period in 2023. This surplus consisted of a non-oil and gas surplus of USD 5.93 billion and an oil and gas deficit of USD 3.06 billion.
Despite a decline in overall exports in February 2024, the mining and agricultural sectors experienced export growth, while the manufacturing sector witnessed a decline, primarily due to decreases in exports of commodities such as iron and steel, fats and oils, and precious metals. Factors contributing to the decline in exports included the Lunar New Year holidays, elections, and fluctuations in international commodity prices. However, certain non-oil and gas exports saw significant increases, including ore, slag, and metal ash; coffee, tea, and spices; various processed foods; vehicles and parts; and inorganic chemicals. Imports in February 2024 amounted to USD 18.44 billion, slightly lower compared to January 2024 but higher than February 2023. The decline in imports of non-oil and gas products was offset by an increase in oil and gas imports. Notable increases in import categories included consumer goods and capital goods. Minister Hasan emphasized the importance of diversifying exports to countries with strong manufacturing sectors like India and the United States, especially amid global economic slowdowns. The decline in imports of raw materials corresponded with a slight decrease in Indonesia's Manufacturing Purchasing Managers' Index (PMI), highlighting the need for proactive measures to bolster economic resilience.
