Indonesia’s Export Decline Exceeds Expectations, What Happened?

Freeport export duties

Indonesia's trade surplus saw a significant shrinkage in February 2024, according to the latest data from Statistics Indonesia (BPS). The surplus dropped to US$0.87 billion, marking a steep decline of US$1.13 billion compared to January's surplus of US$2.02 billion. This decline was primarily attributed to further drops in exports.

Febrio Kacaribu, Head of the Fiscal Policy Agency at the Ministry of Finance, emphasized that despite the reduction, Indonesia's external position remains relatively resilient amidst the current global economic volatility. "Nevertheless, the government remains vigilant in anticipating and mitigating the impact of global risks on the national economy," Febrio stated in a press release issued on Mar. 16.

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