Indonesia's trade surplus was better than expected in February 2016. Today, Indonesia's Statistics agency (BPS) announced that the nation's trade surplus was recorded at USD $1.14 billion in the second month of the year, considerably higher compared to the revised USD $10 million surplus Indonesia recorded in the preceding month. Suryamin, Chairman of BPS, said this surplus was the biggest February surplus in the last five years. Another positive sign is that - although continuing to decline in February - the contraction of Indonesia's exports in February occurred at the slowest rate since October 2014.
Exports from Indonesia in February fell 7.18 percent year-on-year (y/y) to USD $11.30 billion, much better than analysts' forecasts around -15 percent (y/y). Meanwhile, imports into Indonesia fell 11.71 percent to USD $10.16 billion, roughly in line with earlier estimates. Overall, Indonesia's declining exports and imports imply that both global and domestic economic activity remains weakening.
So far this year, Indonesia's trade balance shows a cumulative surplus of USD $1.15 billion (January-February 2016).