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Indonesia books record high trade surplus in 2020
The country logged a trade surplus of US$21.74 billion last year, the second-highest figure in the country’s history, as imports plunged, a signal that economists said reflected a lagging domestic economic recovery compared with its main trading partners, such as China.
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Set for shipment: Multipurpose vehicles are parked at Tanjung Priok Port’s car terminal prior to being exported in this file photo. (Antara/Aditya Pradana Putra)
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ndonesia booked a record trade surplus in 2020 as imports fell steeper than exports during a tumultuous year for international trade as the COVID-19 pandemic disrupted supply chains and hit global demand.
The country logged a trade surplus of US$21.74 billion last year, the second-highest figure in the country’s history, as imports plunged, a signal that economists said reflected a lagging domestic economic recovery compared with its main trading partners, such as China.
“The trade surplus is the highest since 2011 when it stood at $26.06 billion,” Statistics Indonesia (BPS) head Suhariyanto told a virtual press briefing on Friday.
Like global trade in general, Indonesia’s trade has suffered from the pandemic, which has caused logistical disruptions and declines in domestic demand and purchasing power as a result of social restrictions implemented to curb the virus spread.
Read also: Indonesia books highest export value in 2 years in November as global trade recovers
Indonesia’s exports shrank 2.61 percent yoy last year to $163.31 billion while imports free fell 17.34 percent yoy to $141.57 billion.
BPS data show that exports increased significantly by more than 14 percent yoy in December to $16.54 billion, the highest since 2013, driven by rising commodity prices including palm oil and coal, the country’s top export commodities.
