Indonesia recorded a trade surplus of $5.48 billion in February, according to the latest data released by the National Statistical Office of Indonesia. The figure was $3.27 billion higher than analysts had anticipated and was driven by a surprising decline in imports.
The Indonesian National Statistical Office reported that the country’s exports in February grew 4.51 percent year on year, reaching $21.4 billion, which was slightly below analysts’ expectations of 5 percent growth after a surge of 16.37 percent in January.
On the other hand, Indonesia’s imports dropped 4.32 percent year on year, falling to $15.92 billion, due to a decrease in the purchase of raw materials. This decline was contrary to the anticipated increase in imports of 9.74%.
The drop in imports led to the significant trade surplus, which is a positive development for the country’s economy. Indonesia has been striving to reduce its trade deficit in recent years, making the latest figures a welcome development.
The COVID-19 pandemic had a significant impact on Indonesia’s economy, causing a slump in exports and imports in 2020. However, the latest data suggests that the country is gradually recovering from the economic fallout caused by the pandemic.
The unexpected decline in imports played a crucial role in helping Indonesia achieve the impressive trade surplus in February. The government is expected to continue its efforts to boost the country’s economy and promote sustainable growth in the coming months.