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Amid continuing surplus, RI trade performance cools
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Coal is moved from barges onto a truck at the Karya Citra Nusantara Port in North Jakarta on Jan. 13. (Reuters/Willy Kurniawan)
I
ndonesia’s trade performance was not quite as brisk as expected in November, with an erosion of export growth and a drop in imports amid a continuing trade surplus.
According to a Statistics Indonesia (BPS) press briefing on Thursday, exports rose by 5.58 percent year on year (yoy) to US$ 24.12 billion in November, the smallest increase since November 2020.
Meanwhile, imports fell 1.89 percent yoy to $18.96 billion, marking the first decline this year.
Since its peak performance in June, export growth has fallen some 41 percent yoy as commodity prices stumble over fears of lower demand in the face of a possible global slowdown.
Import growth, meanwhile, has been steadily declining since August amid a fuel price hike that has hampered domestic consumption. On a monthly basis, exports and imports fell by 2.46 percent and 0.91 percent, respectively.
“We hope that [a reduction in capital goods imports] did not happen in Indonesia,” BPS deputy head Muhammad Habibullah told reporters.
Indonesia maintained its trade surplus for a 31st consecutive month in November, exporting $5.15 billion more than it imported, higher than the estimate of $4.64 billion by state-owned Bank Mandiri but slightly lower than the $5.30 billion projected by Moody’s Analytics.
