Indonesia posted a trade surplus for a third straight month in February, official data showed Monday, but the good news was tempered by figures showing a huge fall in both exports and imports.
Southeast Asia's top economy saw a higher-than-expected surplus of $738.3 million, the statistics agency said. But exports tumbled 16.02 percent on-year to $12.29 billion, while imports slid 16.24 percent to $11.55 billion.
Indonesia also posted a large surplus in January, which was revised up from $710 million to around $750 million.
"The trade surplus was due to lower oil prices and the weakening of the rupiah in February," said statistics agency official Sasmito Hadi Wibowo.
The figures will be bad news for policymakers, who had hoped a weaker currency might provide a boost to exports and manufacturing by making Indonesian-produced goods cheaper abroad.
The government of President Joko Widodo is struggling to improve the country's manufacturing sector and wean Indonesia off commodity-driven expansion in a bid to boost economic growth, which has fallen to a five-year low.