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Indonesia Trade November 2022

Indonesia: Merchandise exports rise at a slower rate in November

Merchandise exports increased 5.6% annually in November, on the heels of Octobers 11.9% upturn. Novembers figure marked the softest increase since October 2020. Meanwhile, merchandise imports fell 1.9% in annual terms in November (October: +17.4% yoy), marking the weakest result since January 2021.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 5.2 billion surplus in November (October 2022: USD 5.6 billion surplus; November 2021: USD 3.5 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 51.6 billion surplus in November, compared to the USD 50.0 billion surplus in October.

Commenting on the outlook, Enrico Tanuwidjaja, economist at UOB, stated:

“Lower global commodity prices may continue to dampen exports growth ahead, but contraction in imports may insinuate sluggish domestic demand in the near future, a telltale sign for slower economic growth in the coming quarters.”

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