Indonesia Balanza Comercial

Indonesia's trade surplus narrowed sharply to USD 0.87 billion in February 2024 from USD 5.40 billion in the same month of 2023, far below market forecasts of USD 2.32 billion. It was the smallest trade surplus since last May, as exports fell while imports surged. Shipments shrank 9.45% from a year earlier to a 10-month low of USD 19.31 billion, the ninth straight month of contraction and the steepest decline since last October, faster than forecasts of a 6.5% fall. The contraction in exports came amid an economic slowdown in trading partners, with exports to China and Japan plunging by 19.26% and 13.47%, respectively. Meanwhile, imports jumped by 15.84% year-on-year, the fastest growth in 16 months, exceeding market forecasts of a 9.3% gain, boosted by domestic demand ahead of the holy month of Ramadan and Eid-el-Fitr. In the first two months of the year, the trade balance posted a surplus of USD 2.87 billion, with exports and imports falling by 8.81% and 0.29%, respectively.