JAKARTA: Indonesia’s exports and imports hit record highs in March amid rising commodity prices due to the impacts of the Ukraine war, helping the resource-rich country book a wider-than-expected trade surplus, statistics bureau data showed on Monday.
March exports from Indonesia were worth $26.5 billion, up 44.36% on a yearly basis and beating a 23.83% prediction in a Reuters poll.
Imports were up 30.85% to $21.97 billion, more than the 18.30% rise seen in the poll.
Southeast Asia’s largest economy booked a $4.53 billion surplus last month, the largest since October and far greater than the poll’s forecast of a $2.89 billion surplus.
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Prices of Indonesia’s top export products, such as coal, natural gas, palm oil, tin and nickel - which were already high due to recovering demand - surged further in global markets in March following Russia’s invasion of Ukraine on Feb. 24. Moscow calls its action a “special operation” to destroy its neighbour’s military capabilities.
Most of the increase in coal exports were bought by China, India and the Philippines, but shipments to European countries such as the Netherlands, Italy and Germany also rose, statistics bureau head Margo Yuwono said.
High commodity prices also affected imports, as Indonesia is a net oil importer and a major buyer of wheat and soybean.
The statistics bureau also recorded an increase in imports of meat, fruits and pharmaceutical products, some of which it said may be due to rising demand ahead of the Muslim fasting month of Ramadan, which began in early April.
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