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Indonesia sees second-largest trade surplus since Covid era amid strong exports

The surplus came after exports grew by 9.14 percent year-on-year (yoy) to $24 billion in November, the second-highest since December 2022.

Aditya Hadi (The Jakarta Post)
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Jakarta
Mon, December 16, 2024

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Indonesia sees second-largest trade surplus since Covid era amid strong exports Container loading and unloading activities at the Port of Jakarta International Container Terminal (JICT), Tanjung Priok, North Jakarta, are seen on Sept. 10, 2024. (Antara Foto/Muhammad Adimaja)

I

ndonesia saw exports far exceed imports in November, which resulted in the second-largest trade surplus since the government lifted the COVID-19 pandemic status in 2023.

The country’s trade balance stood at US$4.42 billion in November, according to Statistics Indonesia (BPS) data on Monday, trailing only the $4.58 billion surplus recorded in March.

The figure came as a surprise to analysts, including Moody’s Analytics, which expected the figure to dip by $0.2 billion from the previous month’s $2.3 billion.

The surplus came after exports grew by 9.14 percent year-on-year (yoy) to $24 billion in November, the second-highest since December 2022. Oil and gas, and commodities outside of that category rose by 2.73 percent and 9.54 percent, respectively.

On a monthly basis, however, exports were down by 1.7 percent.

“The annual increase in non-oil and gas exports was driven by nickel, mechanical machinery and electrical machinery,” interim BPS head Amalia Adininggar Widyasanti said during a press briefing noting that the export of main commodities such as steel and crude palm oil (CPO) also increased during the period.

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Private lender Bank Danamon economist Hosianna Evalita Situmorang said in a statement on Monday that an improved export performance in November was supported by several commodities, with many seeing price increases.

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