Indonesia: Trade surplus rises in February
March 16, 2016
Exports contracted 7.2% in February over the same month last year, which was a less pronounced contraction than the 20.9% drop seen in January. February’s drop marks the smallest fall since October 2014. The fall in non-oil and gas exports, which account for the majority of Indonesian shipments, eased noticeably in February to a 2.2% contraction (January: -20.9% year-on-year). Oil and gas exports contracted a staggering 36.5% (January: -46.6% yoy). Meanwhile, imports fell 19.8% in February, which followed the 20.1% contraction seen in January.
The trade balance improved in February, rising from January’s USD 14 million surplus to a USD 1.1 billion gain. In addition, this result is above February 2015’s USD 663 million surplus and noticeably overshot market expectations of a USD 80 million surplus. Meanwhile, the 12-month moving sum of the trade balance widened from a USD 7.0 billion surplus in January to a USD 7.4 billion surplus in February.