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?

This article is part of the March 2020 update. To purchase the report, please send an email to info@indonesia-investments.com or a WA text message to +62(0)8788.410.6944 for further information.

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Poll Indonesia Investments:

According to you at what pace will the Indonesian economy grow in 2020?

Voting possible:  -


  • Lower than 0.0% (26.8%)
  • Higher than 2.0% (17.9%)
  • 0.5% - 1.0% (15.9%)
  • 0.0% - 0.5% (15.8%)
  • 1.0% - 1.5% (11.8%)
  • 1.5% - 2.0% (11.8%)

Total amount of votes: 1025