JakartaPost-May 18, 2022
Indonesia’s trade surplus reached a record high in April, surpassing the previous peak in October 2021, as soaring global commodity prices boosted exports. Statistics Indonesia (BPS) reported on Tuesday that the country had posted its 24th consecutive monthly surplus in April, which had more than tripled year-on-year (yoy) to US$7.56 billion. The figure was up 66 percent month-to-month (mtm). “This is a new record, and it is [higher than the previous record set] in October 2021 at US$5.74 billion. Therefore, this surplus is the highest in history,” BPS head Margo Yuwono said during a press conference. Indonesia’s year-to-April trade surplus totaled $16.89 billion, the highest since 2017, Margo added. Economists expect the country to gain on net from the global surge in commodity prices, which has been fueled by the Ukraine war and sanctions against Russia, as export gains from palm oil, coal and metal ore outweigh import increases, mainly of crude oil. BPS data shows that coal prices reached $302 per ton, while CPO prices increased 56.09 percent yoy to $1682.7 per ton. Indonesia’s April exports increased 47.76 percent yoy to $27.32 billion. The mining industry had the strongest export growth, almost doubling yoy to $6.41 billion. Coal and iron ore led the rally in mining exports. Oil and gas exports came third with a 48.39 percent yoy increase to $1.43 billion, followed by the manufacturing sector with 27.92 percent yoy growth to $19 billion. Agriculture came last with a 15.89 percent yoy increase to $0.39 billion. Read more at: https://www.thejakartapost.com/paper/2022/05/18/indonesias-trade-surplus-hits-all-time-high-in-april.html.
