Indonesia Trade Trends February 2024

According to data released by Statistics Indonesia, the country’s exports decreased 5.79 per cent to USD 19.31 billion in February 2024, while imports slightly dropped 0.29 per cent to USD 18.44 billion in the same period, resulting in a trade surplus of USD 0.87 billion.

In February 2024, Trade amounts for February revealed a sharper-than-expected decline in exports. Although a 9.5 per cent year over year reduction in exports was predicted, it really happened because of lower shipments of iron, coal, and palm oil. In the meantime, imports increased more dramatically than predicted, rising 15.8 per cent year over year against the median projection of a 10.1 per cent year over year gain.

With both the import and export numbers missing, the overall trade surplus was substantially lower at USD 0.87 billion, or less than half of the USD 2.3 billion market estimate. Additionally, this is a lot less than the USD 2 billion trade surplus from the prior month.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.