Indonesia posts strong exports, trade surplus
Exports in Indonesia touched a record high of $21.42 billion in August. Data from the statistics bureau showed that an increase in commodity shipments drove the country’s highest monthly trade surplus in record.
Shipments in August climbed 64.1% from a year earlier, exceeding analysts’ forecast of a 36.90% gain.
Sales in Indonesia’s top commodities like palm oil, coal, and natural gas soared above 100%. Shipments in copper, tin, and steel also increased.
The latest export figures beat the country’s record-high $18.65 billion in August 2011.
Commodity prices remained rising as more countries eased COVID-19 restrictions. Prices of coal and palm oil reached record highs due to strong demand, while tin prices surged as supply weakened.
Meanwhile, Indonesia’s trade surplus since May 2020 extended this year at $4.74 billion in August, higher than an expected $2.36 billion surplus. This followed a $2.59 billion surplus in July.