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Exports see unexpected gain as Chinese, Indian demand picks up
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Workers use a crane to move a container at Tanjung Priok container terminal in North Jakarta on Aug. 5. (Antara/Rivan Awal Lingga)
I
ndonesia’s trade balance experienced an unanticipated bump in October as demand from the country’s largest Asian trading partners increased and imports of capital goods fell.
The trade surplus rose to US$5.67 billion in October, according Statistics Indonesia (BPS), reversing a drop in the previous month that brought the balance to $4.99 billion.
The export side was backed by shipments of crude palm oil (CPO), coal, iron and steel.
“The trade balance has remained in the surplus zone for the past 30 months, since May 2020,” BPS undersecretary for services and distribution statistics Setianto told reporters on Tuesday.
Both exports and imports grew on an annual basis in October, with exports growing 12.3 percent to $24.81 billion and imports growing 17.44 percent to $19.14 billion. In the preceding month, both measures saw more than 20 percent year-on-year (yoy) growth.
On a month-to-month (mtm) basis, exports inched up by 0.13 percent in October, while imports fell by 3.4 percent. The month before, the figures had seen a mtm drop of more than a 10 percent.
Read also: Trade surplus nosedives amid cautious export performance
