Indonesia's Trade Balance Surplus of 870 Million US Dollars

Acting Head of BPS Amalia Adininggar Widyasanti. (Photo: Doc. ANTARA)

JAKARTA - The Central Statistics Agency (BPS) recorded a trade balance surplus which in February 2024 reached 870 million US dollars, this figure is lower than the surplus in January 2024 of 2.02 billion US dollars.

The decline in the surplus in February 2024 was driven by a decrease in exports in February 2024. The export value in February 2024 was 19.31 billion US dollars and the import value was 18.44 billion US dollars.

Acting Head of BPS Amalia Adininggar Widyasanti said that the decline in Indonesia's trade balance surplus could not be separated from the decline in export value in February 2024, down 5.79 percent compared to January 2024 of 20.52 billion US dollars.

"The decline in February export value was driven by a decline in non-oil and gas exports, especially iron and steel with a decline of 3.26 percent, vegetable animal fats and oils with a share of a decline of 2.60 percent, as well as precious metals and gem jewelry with a share of a decline of 0.60 percent," she explained in a press conference at BPS Head Office, Friday, March 15, 2024.

Meanwhile, the import value in February 2204 was 18.44 billion US dollars or down 0.29 percent on a monthly basis.

The decline in import value occurred in the non-oil and gas sector, down 2.12 percent compared to last month of 15.46 billion US dollars.

Meanwhile, oil and gas imports reached 2.98 billion US dollars, up 10.42 percent monthly.

Amalia explained that the decline in the monthly value of imports was caused by a decline in the value of non-oil and gas imports, contributing to a decline of 1.81 percent.

"Annually, the import value in February 2024 was higher compared to February 2023 or recorded an increase of 15.84 percent. The value of oil and gas imports rose 23.82 percent, while non-oil and gas imports rose 14.42 percent," she said.