Indonesia: Exports reach new high in June
July 29, 2011
In June, exports grew 49.3% over the same month last year, which was above the 44.5% expansion observed in May and drove exports to a new high of USD 18.4 billion. Exports benefitted from rising commodity prices, in particular the price of crude palm oil, which is Indonesia's main export product. The June reading represented the 21st consecutive month of double-digit growth in exports. Non-oil and non-gas exports expanded 42.1% in June (May: +38.2% yoy), while oil and gas exports grew a stellar 88.9% over the same month the previous year (May: +71.9% yoy). Meanwhile, import growth moderated to 28.3% over the same month last year (May: +48.6% yoy), pushing imports to USD 15.1 billion. The trade surplus narrowed from USD 3.5 billion in May to USD 3.3 billion in June.