PALMOILMAGAZINE, JAKARTA – Indonesia’s trade performance continues to demonstrate resilience amid global economic uncertainty, with the country recording another surplus in February 2026.
According to an official statement from the Ministry of Trade on April 6, 2026, Indonesia posted a trade surplus of US$1.27 billion in February, up from US$0.95 billion in January. The surplus was largely supported by the non-oil and gas (non-migas) sector, which recorded a surplus of US$2.19 billion, offsetting a US$0.92 billion deficit in the oil and gas segment.
Trade Minister Budi Santoso highlighted that this marks Indonesia’s 70th consecutive month of trade surplus since May 2020, underscoring the strength of the country’s trade fundamentals.
“Maintaining a surplus for 70 consecutive months reflects the robustness of Indonesia’s trade structure,” he said.
Cumulatively, Indonesia recorded a trade surplus of US$2.23 billion in the January–February 2026 period. This was driven by a non-migas surplus of US$5.42 billion, which successfully covered a US$3.19 billion deficit in the oil and gas sector.
Palm Oil and Manufacturing Lead Export Growth
On the export side, Indonesia maintained solid performance, with total exports reaching US$22.17 billion in February 2026—showing modest monthly growth and a 1.01 percent increase year-on-year.
The growth was supported by a 1.30 percent rise in non-migas exports, despite a 4.25 percent decline in oil and gas exports.
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For the first two months of 2026, total exports reached US$44.32 billion, up 2.19 percent compared to the same period last year. Of this, non-migas exports accounted for US$42.35 billion.
Indonesia’s export structure remains dominated by the manufacturing sector, contributing 83.61 percent of total exports—highlighting the growing impact of downstream industrialization, including in the palm oil sector.
Strategic commodities such as animal and vegetable fats and oils—largely driven by palm oil products—recorded a strong export growth of 28.79 percent.
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Notably, this increase came despite a 4.27 percent decline in global palm oil prices. Export volumes, however, surged significantly by 34.46 percent, indicating sustained global demand for Indonesian palm oil even amid price corrections.
Dynamic Global Markets, Palm Oil Remains Competitive
In terms of trading partners, the United States contributed the largest surplus at US$3.11 billion, followed by India and the Philippines, while the deepest deficit remained with China.
China, the United States, and India continued to dominate as Indonesia’s top non-migas export destinations, collectively accounting for nearly 44 percent of total exports.
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However, stronger growth was observed in non-traditional markets. The United Arab Emirates recorded a significant surge, followed by Spain and Egypt. Central Asia even posted the highest growth rate, exceeding 140 percent.
Amid these shifting dynamics, palm oil remains one of Indonesia’s key export pillars—resilient to price fluctuations and strong in maintaining trade volumes.
With this trajectory, the palm oil sector, alongside manufacturing, is expected to remain a key driver of Indonesia’s export performance as the country navigates ongoing global economic uncertainties. (P2)
