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.