Indonesia’s trade surplus slightly increased to US$1.27 billion in February, up from US$954 million in the previous month, despite rising imports of capital goods. However, the figure remained lower than the May–December period last year, when the surplus consistently exceeded US$2 billion.
Total imports rose 10.85 percent year-on-year (yoy) to US$20.89 billion, driven mainly by capital goods imports, which surged 33.68 percent yoy to US$4.61 billion. Consumer goods imports increased 19.84 percent to US$1.76 billion, while raw material imports rose 4.25 percent to US$14.52 billion.
Among specific categories, precious metals and jewelry recorded the highest annual import growth, rising 63 percent, followed by mechanical appliances and electrical machinery, which increased 51.6 percent and 19.6 percent, respectively. Overall imports in January–February totaled US$42.09 billion, reflecting a 14.44 percent annual increase. The Permata Institute for Economic Research (PIER) noted that this figure was slightly above its 8.74 percent forecast, though it moderated from 18.21 percent growth in January.
Despite the slowdown, import growth continued to outpace exports, reflecting a weaker global economic outlook alongside Indonesia’s pro-growth policies that have sustained domestic demand, the Jakarta-based research institute said. It added that all import categories consumer goods, raw materials, and capital goods recorded growth. However, raw materials and capital goods growth moderated amid rising trade uncertainty in February, while consumer goods imports accelerated in line with seasonal Ramadan demand.
Exports rose only 1.01 percent yoy. According to Statistics Indonesia (BPS), key export drivers included animal and vegetable fats and oils, nickel and its derivatives, and electrical machinery and equipment. Exports of animal and vegetable fats, including crude palm oil (CPO), rose 16.19 percent yoy to US$3.1 billion in February, followed by iron and steel, which increased 3.3 percent. In contrast, mineral fuels exports, including coal, fell 15.65 percent from a year earlier.
Indonesia’s cumulative trade surplus for January–February stood at US$2.23 billion, significantly lower than US$6.59 billion in the same period last year. Trade with China remained the largest source of deficit, widening from US$3.3 billion to US$4.99 billion. Statistics Indonesia deputy for distribution and services statistics Ateng Hartono said the deficit was driven mainly by imports of mechanical appliances, electrical machinery, and vehicles.
Beyond China, Australia and Singapore also contributed to larger trade deficits. The deficit with Australia rose to US$1.69 billion, driven by precious metals, cereals, and coal, while the deficit with Singapore reached US$1.48 billion, led by mechanical appliances and precious metals.
Despite the Agreement on Reciprocal Trade (ART) aimed at reducing Indonesia’s trade surplus with the United States, the surplus with the US continued to widen. It increased from US$2.63 billion to US$3.11 billion in the first two months of the year, supported by exports of electrical machinery, apparel, and crude palm oil.
April 1, 2026, The Jakarta Post(https://www.thejakartapost.com/business/2026/04/01/ri-posts-1-27b-trade-surplus-despite-surge-in-capital-goods-imports.html)