Indonesia books bigger-than-expected Nov trade surplus of $5.2 billion

JAKARTA (Reuters) – Indonesia posted a larger-than-expected trade surplus last month, as imports unexpectedly contracted on a yearly basis while exports slowed, official data showed on Thursday.

November imports were down 1.89% on a yearly basis to $18.96 billion, compared with a prediction of a 7% increase in a Reuters poll.

Southeast Asia’s largest economy booked a $5.16 billion surplus in November, compared with the poll’s median forecast of a $4.26 billion surplus.

Exports were worth $24.12 billion, up 5.58% on a yearly basis, the slowest increase since October, 2020 and below the poll’s 9.50% growth forecast.

Riding on high global commodity prices this year, Indonesia has enjoyed an export boom. However, export growth has been slowing since June amid moderating prices of commodities like palm oil, nickel and iron ore.

Imports of consumer goods fell 16.2% on a yearly basis in November.

The value of exports for the January-November period, at $268.18 billion, surpassed the country’s highest record for annual shipments, which was reached last year at $231 billion.

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