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Indonesia's August exports hit record as resources boom


Rabu, 15 September 2021 / 12:51 WIB
Indonesia's August exports hit record as resources boom
ILUSTRASI. Indonesia's exports hit a record high of $21.42 billion in August.


Sumber: Reuters | Editor: Wahyu T.Rahmawati

KONTAN.CO.ID - JAKARTA. Indonesia's exports hit a record high of $21.42 billion in August, boosted by surging commodity shipments, helping Southeast Asia's biggest economy post its largest ever monthly trade surplus, official data showed.

The resource-rich country's August shipments rose 64.1% from a year earlier, according to data released by the statistics bureau on Wednesday, handily beating analysts' forecast in a Reuters poll for a 36.90% rise.

Sales of palm oil, coal and natural gas, its top commodities, surged more than 100%. Shipments of copper, tin and steel also jumped.

The August export value surpassed Indonesia's last record high of $18.65 billion in August 2011, during the previous global commodity boom.

Commodity prices have been rising as more economies reopen from last year's COVID-19 lockdowns.

Read Also: Biden failed to secure summit with China's Xi in call last week

Coal and palm oil prices have reached record highs as demand outstripped supply, while tin prices also surged due to a supply crunch.

Riding on the trend, Indonesia has posted a trade surplus every month since May 2020.

August's surplus was $4.74 billion, compared with a $2.36 billion surplus expected in the poll. July's surplus was $2.59 billion.

The G20 economy also booked a 55.26% annual rise in imports in August to $16.68 billion, beating the poll's 45.10% growth prediction.

Indonesia's COVID-19 restrictions were eased last month after infection numbers gradually fell.

Read Also: In first, Indonesia to buy back some global bonds after raising US$1.84 billion

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