JAKARTA: Indonesia booked a $3.48 billion trade surplus last month, bigger than predicted, as exports and imports fell less than expected, data from the statistics bureau showed on Wednesday.
Shipments from Southeast Asia’s largest economy have been declining by value in recent months amid falling global commodity prices.
However, the resource-rich country has continued to post a trade surplus monthly as imports have also weakened.
Economists polled by Reuters had expected a trade surplus of $3 billion in October. Exports in October were down 10.43% on a yearly basis to $22.15 billion, compared with economists’ prediction of a 15.35% drop.
Indonesia’s biggest export products are coal, palm oil and nickel metals.
Imports fell 2.42% on a yearly basis to $18.67 billion, versus the poll’s expectation for a 7.40% contraction.
Biden meets with Indonesia president ahead of Xi summit
While imports of raw materials shrank last month, overseas purchases of capital and consumer goods rose by 11.08% and 3.83%, respectively, cushioning the overall import drop.
Comments