Jakarta. Indonesia's trade balance in February 2024 experienced a surplus for the 46th consecutive month. However, the surplus in February 2024 amounted to only $870 million (Rp 13.6 trillion), shrinking from $2.02 billion in January.

The Central Statistics Agency (BPS) reported exports worth $19.31 billion and imports valued at $18.44 billion in February 2024.

Indonesia's trade surplus shrank as exports dropped by 5.79 percent compared to January 2024's $20.52 billion. This decline was mostly due to lower exports in the manufacturing sector.

Amalia Adininggar Widyasanti, Acting Head of BPS, said oil and gas exports totaled $1.22 billion in February, down by 12.93 percent from January. Non-oil and gas exports reached $18.09 billion, a 5.27 percent decrease from the previous month.

"The decrease in February's export value was driven by a decline in non-oil and gas exports, especially in iron and steel with a 3.26 percent decline, animal/vegetable fats, and oils with a 2.6 percent decline, as well as precious metals and gemstone jewelry with a 0.6 percent decline," said Amalia during a press conference at the BPS office on Friday.

"At the same time, the trade balance in oil and gas commodities recorded a deficit of $1.76 billion," said Amalia.

The three countries with the largest surplus contributors are the United States at $1.44 billion; India at $1.14 billion; and the Philippines at $627.8 million. The commodities contributing to the surplus with the United States are machinery and electrical equipment and parts, as well as non-knitted garments and footwear. Meanwhile, the three countries with the deepest deficit contributors are China at $1.8 billion, Thailand at $549.6 million, and Singapore at $317.1 million.

"The deepest deficit experienced with China is recorded in mechanical and mechanical equipment and parts; machinery and electrical equipment and parts; as well as plastic and plastic goods," explained Amalia.