Indonesia’s trade surplus increased sharply to USD 3.82 billion in February of 2022 from USD 1.96 billion in the same month of the previous year and beating market consensus of USD 1.66 billion. This was the largest trade surplus since last November, amid rising commodity prices and robust global demand before Russia’s inflation of Ukraine in late February.
Exports gained 34.14 percent over a year earlier to USD 20.46 billion, supported by both non-oil products (35.24 percent) and oil and gas products (15.60 percent); while imports rose at a softer 25.43 percent to USD 16.64 billion, the softest growth in 12 months, with purchases of non-oil and gas growing 14.84 percent and those of oil and gas surging 122.52 percent.
Indonesia’s Statistics Agency indicated that the war in Ukraine may have a very limited direct trade impact to the Southeast Asia’s largest economy, adding that shares of exports to both countries were less than 1%, respectively, as did with imports.