Indonesia Trade Balance November 2021


Indonesia: Merchandise exports grow at a more moderate pace in November

January 14, 2022

Merchandise exports jumped 49.7% annually in November, on the heels of October’s 53.4% jump. Meanwhile, merchandise imports shot up 52.6% in annual terms in November (October: +51.1% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.5 billion surplus in November (October 2021: USD 5.7 billion surplus; November 2020: USD 2.6 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 36.4 billion surplus in November, compared to the USD 35.5 billion surplus in October.

Our panelists forecast that in 2022 exports will decrease 0.9% and imports will rise 6.3%, with a trade surplus of USD 18.4 billion. In 2023, FocusEconomics panelists expect exports will expand 8.2%, while imports will rise 9.3%, with a trade surplus of USD 17.8 billion.


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Indonesia Trade Balance Chart

Indonesia Trade November 2021 0

Note: 12-month trade balance in USD billion and annual variation of exports and imports over the last 12 months in %.
Source: Statistics Indonesia (BPS) and FocusEconomics calculations.

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