Jakarta: The Central Statistics Agency (BPS) today announced that Indonesia's trade balance in February 2020 recorded a surplus of USD2.34 billion due to significant decrease of imports.
Last month, the country's non-oil and gas sector recorded a trade surplus of USD3.27 billion. On the other hand, the country's oil and gas sector recorded a trade deficit of USD931.6 million.
"In February 2019, Indonesia recorded a surplus of USD0.33 billion. In February 2018, Indonesia recorded a deficit of USD0.05 billion. Compared to 2018 and 2019, the improvement was quite significant," the agency's distribution and services statistics deputy Yunita Rusanti during a video conference here on Monday, March 16, 2020.
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Cumulatively, Indonesia recorded a trade surplus of USD1.7 billion in January and February 2020. However, with China, Indonesia recorded a trade deficit of USD1.94 billion in the first two months of 2020.
"With Thailand, we had a deficit of USD577 million. With Australia, we had a deficit of USD302 million," the official remarked.
Bank Indonesia (BI) earlier reported that Indonesia's official reserve assets stood at USD130.4 billion as of end-February 2020 or lower than USD131.7 billion as of end-January 2020.
According to the central bank, the position of official reserve assets was equivalent to finance 7.7 months of imports or 7.4 months of imports and servicing government’s external debt, well above the international adequacy standard of three months imports.