Indonesia: Merchandise exports rise at a quicker pace in October
Merchandise exports soared 53.4% over the same month last year in October (September: +47.6% year-on-year). Meanwhile, merchandise imports soared 51.1% over the same month last year in October (September: +40.3% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 5.7 billion surplus in October (September 2021: USD 4.4 billion surplus; October 2020: USD 3.6 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 35.5 billion surplus in October, compared to the USD 33.3 billion surplus in September.
Commenting on the release, Nichlas Mapa, senior economist at ING, stated:
“The rapid pickup in exports was reflected in a meaningful rebound in the manufacturing sector of late. […] Meanwhile, robust imports reflect improving domestic demand which was also noted in rising consumer confidence as measured by Bank Indonesia. Should these trends continue, Indonesia will likely enjoy a strong finish to the year although gains will likely still be capped as overall vaccination efforts fall short of herd immunity levels.”