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Exports hit record high for third month in row in November
Exports grew 49.7 percent yoy to US$22.84 billion in November, according to Statistics Indonesia (BPS).
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Coal boom: Coal barges wait to be pulled along the Mahakam River in Samarinda, East Kalimantan on Aug. 31, 2019. A boom in primary commodities such as coal helped Indonesia’s exports grow in the third quarter of this year. (Reuters/Willy Kurniawan)
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ndonesia saw its goods exports and imports rise to a record high in November as global demand remained strong and domestic demand picked up amid the gradual economic recovery.
Statistics Indonesia (BPS) reported Wednesday that exports had grown in November by 49.7 percent year-on-year (yoy) to US$22.84 billion and imports by 52.62 percent yoy to $19.33 billion.
On a monthly basis, exports grew 3.69 percent, slower than a month earlier as commodity prices cooled. Imports grew 18.62 percent month-to-month (mtm), much higher than the 0.36 percent mtm increase seen a month earlier as both consumers and businesses rebounded.
“Imports for consumption picked up, indicating that people’s purchasing power was getting better,” BPS head Margo Yuwono said in a press briefing on Wednesday.
The latest trade figure marks the third time this year Indonesia has booked record-high exports as the country benefits from rising commodity prices amid the global economic recovery, especially in key trading partners such as China and the United States.
Read also: Indonesia's export, trade surpluses hit record high again in October
With imports picking up, the trade surplus narrowed to $3.51 billion in November, marking a fall of 38.85 percent from a month earlier. In October, the country recorded its highest trade surplus at $5.74 billion.
