Indonesia reported a $4.42 billion trade surplus in November, double analysts’ forecasts of $2.21 billion. The rise came as exports surged and imports fell below market expectations, according to official data released on Monday.
The November surplus marked the largest since March. It followed a slightly revised October surplus of $2.48 billion. Analysts believe this trade data will be a key factor in the central bank’s upcoming monetary policy review on Wednesday, where no change to key rates is expected.
Exports grew 9.14% year-on-year to $24.01 billion, far exceeding the expected 4.92% rise. The growth was driven by higher shipments of agricultural and manufactured products, like cocoa butter and powder. However, shipments of top commodities like coal dropped 4.4%, while palm oil shipments increased only 2.2%.
Imports remained flat at $19.59 billion, defying forecasts of a 6.15% rise. Key imports, including machinery, electronics, and steel, all recorded declines. Following the trade data, Indonesia’s rupiah strengthened slightly but stayed near four-month lows against the U.S. dollar.
