Beyond predictions, the February trade balance was a surplus of USD 330 million

TRADE BALANCE - JAKARTA. The Central Statistics Agency (BPS) noted that the February 2019 trade balance recorded a surplus of USD 0.33 billion. This figure is beyond the estimates of some economists who predicted last month's trade balance deficit.

"Finally, after four consecutive deficits, we have a surplus," said BPS Head Suhariyanto in his office on Friday (3/15).

The surplus figure emerged as a result of the export value of USD 12.53 billion, exceeding the import value of USD 12.20 billion.

The export value fell by 10.03% compared to the same figure in January or decreased by 11.33% on an annual basis (year on year). Oil and gas and non-oil and gas exports declined, each by 11.55% and 9.8% compared to the previous month.

Suhariyanto said Indonesia still faces export constraints. In addition to the global economic slowdown including China and the United States (US), fluctuations in raw commodity prices are also even being faced. "There is an economic slowdown in the main destination countries, and commodity prices are difficult to predict," he said.

In terms of imports, import values fell quite sharply, 18.61%, compared to January 2019 and decreased by 14.02% on an annual basis (Annual). Oil and gas and non-oil and gas imports declined 6.6% and 20.1% compared to the previous month.

The most significant decline occurred in imports of electrical machinery and equipment, organic chemicals, iron, steel, as well as vehicles and spare parts.

Although the February trade balance was a surplus, cumulatively since the beginning of the year, Indonesia still experienced a trade balance deficit of USD 0.73 billion. The export value in the first two months of 2019 reached USD 27.19 billion, while imports reached USD 26.46 billion.