Sharp Drop in Import Encouraged a Trade Surplus of US$2.34 Billion in February

Indonesia’s imports in February declined 18.69 percent to US$11.6 billion from US$14.2 billion in January. The total import of the two months of 2020 reached US$25.8 billion, a decline of 4.95 percent year on year.

Such sharp drop in import and a slight increase of export had helped Indonesia enjoyed a trade surplus during February, according to Central Statistics Agency (BPS).

BPS said that Indonesia recorded a trade surplus of US$2.34 billion in February 2020, with exports reaching US$13.94 billion and imports touching US$11.60 billion.

“The surplus in February, 2020 is quite significant,” said Yunita Rusanti, deputy for statistic of distribution and service at the BPS, at a press conference held in Jakarta on Monday.

Rusanti explained that the surplus was due to an increase in exports and a decline in imports.

The value of exports rose from US$13.6 billion in January to US$13.9 billion in February, an increase of 2.24% YoY. Compared to the year-ago period, exports showed an 11-percent increase in February.

Meanwhile, the value of imports in February declined 18.69 percent to US$11.6 billion from US$14.2 billion in January.

The total export figure for the first two months of this year stood at US$27.57 billion, an increase of 4.10 percent compared to the corresponding period of the previous year.

For the same period, imports were pegged at US$25.8 billion, a decline of 4.95 percent compared with the same period a year ago.

Rusanti affirmed the coronavirus (COVID-19) outbreak affected Indonesia’s export import in early 2020 since the pandemic had a significant impact on trade cooperation between Indonesia and its largest trading partner, China.

Meanwhile, non-oil and gas exports for the January-February period reached US$25.94 billion, an increase of 7.45 percent from the year-ago period.

 

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