Trade surplus grows in August on higher manufacturing exports
Indonesia has seen an uninterrupted streak of monthly trade surpluses from early 2020 until May, when a dramatic surge in oil and gas prices due to conflict in the Middle East caused a $1.6 billion deficit in Indonesia’s trade with the rest of the world.
Indonesia experienced a trade surplus of US$3.55 billion in August, the country's eighth consecutive monthly surplus since early 2020, according to Statistics Indonesia (BPS). The export value of the nation reached $26.61 billion, marking a 6.72 percent increase compared to the previous year's August, reported BPS official Ateng Hartono during a press conference.
The surge in exports was largely driven by manufactured goods and commodities, with nine of the top-10 exported commodities witnessing increases, excluding precious metals and jewelry, which declined by 42.82 percent. Nickel and its derivatives recorded the largest increase, surging 50.12 percent, up $2.87 billion. By sector, Indonesia's manufacturing exports grew 12.48 percent in August, while agriculture, forestry, and fisheries shipments dropped 11.64 percent due to a decline in coffee exports. Mining exports also fell by 19.47 percent due to reduced copper ore exports.
Written by urgent.news from The Jakarta Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
