Indonesia Records Trade Surplus US$2.34B in February

Statistics Indonesia reported the trade deficit in February worth of US$2.34 billion, said the agency today (03/16) - Photo by TheInsiderStories

JAKARTA (TheInsiderStories) – Statistics Indonesia reported the trade surplus in February worth of US$2.34 billion, said the agency today (03/16). During January, the trade deficit stood at $870 million.

Last month, the value of exports reached $13.94 billion or rose 11 percent compared to last year and slightly higher 2.4 percent than last January at $13.41 billion. While, value of imports were $11.60 billion, down 18.69 percent compared to January 2020 and in annual basis up 5.11 percent.

Cumulatively, from January – February, the country’ trade balance also recorded a surplus of $1.70 billion. This is caused by the oil and gas balance (oil and gas) deficit of $2.10 billion while for non oil and gas a surplus of $2.8 billion.

Based on month to month (MoM) period, the largest increase in non-oil exports came from Singapore to $281.5 million, Malaysia to $ 89.7 million, Swiss $39.5 million, and Philippines $35.5 million. In contrast, exports to the Netherlands experienced a contraction of $26.1 million, Germany ($34.8 million), Taiwan ($58 million), India ($128.5 million) and China ($245.5 million)

During January – February, minerals export stood at $3.58 billion or up 13.79 compared to last year while fat and vegetable oil was $3.17 billion or jumped 12.24 percent compared to same period in 2019.

Viewed by country, Indonesia still recorded a trade surplus with the United States worth of $2.1 billion, India a surplus $1.38 billion, and the Netherlands still a surplus of $402 million. But, recorded a trade deficit with China of $1.95 billion, Thailand $577 million, and Australia with a deficit of $302 million.

Non-oil and gas exports accounted for 94.08 person dare total exports in the last two months. The share of non-oil exports is still dominated by China $3.98 billion (15.33 percent), the United States $3.26 billion (12.58 percent), Japan $2.28 billion (8.79 percent), ASEAN $5.97 billion (23.01 percent). European Union $2.22 billion (8.53 percent)

“The export data consists of oil and gas $820 million and non-oil and gas $13.12 billion,” said Yunita Rusanti, deputy at the agency through a teleconference today.

update on 3.30 p.m. Eastern Time

Written by Staff Editor, Email: theinsiderstories@gmail.com