Update COVID-19 in Indonesia: 563,680 confirmed infections, 17,479 deaths (4 December 2020)
4 December 2020 (closed)
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Amid the novel coronavirus (COVID-19) crisis, Indonesia managed to post a strong trade surplus in February 2020. Based on the latest data released by Statistics Indonesia (BPS), Indonesia recorded a USD $2.33 trade surplus. It was the largest monthly trade surplus for Southeast Asia’s largest economy since September 2011.
What is remarkable is that Indonesia’s oil and gas trade balance deteriorated significantly in February 2020 (compared to the same month one year earlier), but the non-oil and gas balance in fact improved sharply. Indonesia’s oil and gas deficit was USD $473.8 million in February 2019 but weakened to a USD $931.6 million deficit in February 2020, while the non-oil and gas balance strengthened sharply from a USD $803.7 million surplus in February 2019 to a USD $3.3 billion surplus in February 2020.
The coronavirus (COVID-19) outbreak certainly made its impact felt in February 2020. Disruptions in global supply chains resulted in growing exports for Indonesia, yet falling imports. These are indeed the two crucial ingredients to achieve a trade surplus (although declining imports can cause dropping future exports as Indonesia’s manufacturing exports generally contain high-import content).
This article discusses the following:
• Indonesia's export and import performance in February 2020.
• The impact of COVID-19 on Indonesia's trade balance. Is it purely negative or are there positive matters?
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