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Trade surplus hits $2.59b in July as commodity prices rise
It was the second-highest surplus recorded so far this year, after the $2.70 billion surplus booked in May.
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Containers, cranes and ships are seen at an industrial port in Jakarta. Infrastructure inefficiencies, which drive up distribution costs, have increased the prices of various products in Indonesia. (Shutterstock/Creativa Images)
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ndonesia’s trade surplus rose 19.8 percent annually to $2.59 billion in July, the second-highest level this year, after May, as high commodity prices buoyed exports, official data show.
Statistics Indonesia (BPS) reported on Wednesday that exports reached $17.7 billion in July, up 29.3 percent year-on-year (yoy), buoyed by rising prices of commodities such as coal, tin, palm oil and crude oil.
Imports reached $15.11 billion in July, up 44.4 percent yoy, driven up by a low base effect and higher imports of consumer goods and raw materials, particularly those related to COVID-19 vaccines.
“This is a sign that the economy is improving as the trade balance saw a surplus for 15 months in a row,” said BPS head Margo Yuwono.
Read also: Exports, imports maintain rapid growth in May
Margo noted that export growth had slowed to 4.53 percent month-to-month (mtm) in July due to seasonal patterns, namely a correction following the Idul Fitri holidays in May. He also noted that import growth slowed to 12.22 percent mtm in July.
Bank Mandiri economist Faisal Rachman said in a research note on Wednesday that annual export growth was below the market consensus forecast of 35.94 percent yoy. The export growth slowed on a monthly basis in July due to a slowdown in China’s economic activity.
