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Indonesia’s trade surplus hits all-time high in April
The country’s monthly trade surplus more than tripled year-on-year to US$7.56 billion.
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Coal’s role: Heavy machines load coal onto trucks at the Karya Citra Nusantara (KCN) Marunda Port in Jakarta on Jan. 17. (AFP/Adek Berry)
I
ndonesia’s trade surplus reached a record high in April, surpassing the previous peak in October 2021, as soaring global commodity prices boosted exports.
Statistics Indonesia (BPS) reported on Tuesday that the country had posted its 24th consecutive monthly surplus in April, which had more than tripled year-on-year (yoy) to US$7.56 billion. The figure was up 66 percent month-to-month (mtm).
“This is a new record, and it is [higher than the previous record set] in October 2021 at US$5.74 billion. Therefore, this surplus is the highest in history,” BPS head Margo Yuwono said during a press conference.
Indonesia's year-to-April trade surplus totaled $16.89 billion, the highest since 2017, Margo added.
Economists expect the country to gain on net from the global surge in commodity prices, which has been fueled by the Ukraine war and sanctions against Russia, as export gains from palm oil, coal and metal ore outweigh import increases, mainly of crude oil.
Read also: Ukraine war may bring windfall to Indonesia's trade balance
BPS data shows that coal prices reached $302 per ton, while CPO prices increased 56.09 percent yoy to $1682.7 per ton.
