FX.co ★ Indonesia Exports Hit 9-Month Low

Indonesia’s exports increased by 3.39% year-on-year to USD 22.16 billion in January 2026, the weakest growth in nine months. This marked a sharp slowdown from the 11.64% rise recorded in December, a ten-month high, and fell well short of market expectations of an 11.07% gain.

Non-oil and gas exports grew 4.38% to USD 21.26 billion, driven primarily by robust increases in animal and vegetable fats and oils (46.05%), nickel and nickel-based products (42.04%), and electrical machinery and equipment, including parts (16.27%). These gains came despite a significant decline in mineral fuel exports, which dropped 11.85%.

In contrast, oil and gas exports tumbled 15.62% to USD 0.89 billion, weighed down by steep falls in natural gas shipments (-19.95%) and crude oil exports, which fell to zero. A 5.76% rise in exports of refined oil products was not enough to offset these declines.

By destination, non-oil and gas exports were primarily directed to China (USD 5.27 billion), the United States (USD 2.51 billion), and India (USD 1.52 billion). Together, these three markets accounted for 43.77% of Indonesia’s total exports.