Indonesia Export Growth Hits 4-Month High

Exports from Indonesia rose 1.01% year-on-year to USD 22.17 billion in February 2026, slowing from a 3.39% increase in January and coming in below market expectations of 3.2%. It marked the softest growth in exports since last November, when outbound shipments declined. Non-oil and gas exports grew 1.30% to USD 21.09 billion, supported by increases in animal and vegetable fats and oils (16.19%), iron and steel (3.31%), and electrical machinery and equipment, including parts (11.05%), despite the largest decline being recorded in mineral fuels (-15.65%). Meanwhile, oil and gas exports dropped 4.25% to USD 1.08 billion, dragged down by sharp falls in crude oil (-34.24%) and declines in natural gas exports (-6.81%). These declines more than offset an 18.05% surge in oil product shipments. By destination, non-oil and gas exports grew mainly to top trading partners: China (21.20%), Japan (4.66%), and the US (5.97%). For the first two months of 2026, exports grew 2.19% to USD 44.32 billion.

Exports from Indonesia rose 3.39% year-on-year to a nine-month low of USD 22.16 billion in January 2026, slowing from a ten-month high of 11.64% in December and missing market expectations of 11.07%. Non-oil and gas exports climbed 4.38% to USD 21.26 billion, supported by strong gains in animal and vegetable fats and oils (46.05%), nickel and articles thereof (42.04%), and electrical machinery and equipment, including parts (16.27%), despite the largest decline being recorded in mineral fuels (-11.85%). Meanwhile, oil and gas exports plunged 15.62% to USD 0.89 billion, dragged down by sharp drops in natural gas (-19.95%) and crude oil exports, which fell to zero. These declines more than offset a 5.76% increase in oil product shipments. By destination, non-oil and gas exports were mainly shipped to China (USD 5.27 billion), the United States (USD 2.51 billion), and India (USD 1.52 billion), with the three markets accounting for a combined 43.77% of Indonesia’s total exports.

Exports from Indonesia unexpectedly increased 11.64% year-on-year to an over three-year high of USD 26.35 billion in December 2025, recovering sharply from a 6.6% decline in November and easily beating forecasts of a 2.4% fall, marking the fastest pace since February 2025. Non–oil and gas exports rose 13.72% to USD 25.09 billion, rebounding from a 5.09% decline in November, driven by higher demand from China (13.59%) and the US (13.60%), as well as India (32.66%), ASEAN (4.47%), and the EU (13.17%). Among major commodities, exports increased mainly in animal and vegetable fats and oils (43.53%) and iron and steel (1.34%). By contrast, shipments of mineral fuels, the largest component of non–oil and gas exports, fell 9.79%. Meanwhile, oil and gas exports dropped 18.14%, due to lower crude oil exports (-41.17%), oil products (-18.07%), and gas (-11.85%). For the full year of 2025, total exports rose 6.15% year-n-year to USD 282.91 billion.