15-11-2023 (JAKARTA) Indonesia reported a trade surplus of $3.48 billion last month, surpassing expectations, as both exports and imports experienced milder declines than anticipated, according to data released by the statistics bureau on Wednesday.
The trade surplus, a monthly occurrence for the resource-rich nation, comes amid a period of decreasing global commodity prices that have impacted the value of Indonesia’s shipments.
Despite the downturn in exports, the country has consistently maintained a trade surplus due to a parallel weakening of imports.
Economists, surveyed by Reuters, had projected a trade surplus of $3 billion for October. However, the actual figures exceeded expectations.
In October, exports witnessed a 10.43% year-on-year decline, amounting to $22.15 billion. This decrease was less severe than the economists’ forecast, which predicted a 15.35% drop. Indonesia’s primary export products include coal, palm oil, and nickel metals.
Imports, on the other hand, recorded a 2.42% year-on-year reduction, totaling $18.67 billion, in contrast to the poll’s expectation of a 7.40% contraction.
While imports of raw materials decreased in the reported period, overseas purchases of capital and consumer goods increased by 11.08% and 3.83%, respectively. This rise in specific import categories helped cushion the overall decline in imports, contributing to the better-than-expected trade surplus.
