Indonesia: Exports reach all-time high in November
December 31, 2010
In November, exports increased 47.6% over the same month the year before to reach USD 15.7 billion, far in excess of the 16.3% increase registered in October. The faster growth was primarily the result of a lower comparison base, however, an appreciating rupiah offset the increase to some extent. The acceleration mainly reflected faster growth in non-oil and gas exports (October: +17.4% year-on-year; November: +55.6% yoy), which account for more than three quarters of Indonesian exports. However, exports of oil and natural gas also accelerated, rising 16.7% over the same month in the previous year (October: +11.1% yoy). Imports improved over the same month the year before, rising 44.8% in November, following growth of 24.1% in October. As a result, the trade surplus increased from USD 2.4 billion in October to USD 3.4 billion in November.