Indonesia trade surplus narrowed to $2.41B in Nov, missed expectations

A worker stands on a container at Tanjung Priok Port in Jakarta, Indonesia, Jan 11, 2021. REUTERS/Willy Kurniawan/File photo

JAKARTA  -Indonesia’s trade surplus narrowed in November to $2.41 billion as imports increased more than expected, while exports continued their weakening trend, data from the statistics bureau showed on Friday.

Southeast Asia’s biggest economy has seen its shipments declining by value in the past months due to falling commodity prices and slowing global demand.

In November, exports fell 8.56 percent on a yearly basis to $22 billion versus the 9.36 percent drop expected in a Reuters poll.

READ: Indonesia posted smaller current account deficit in Q3

Indonesia’s top export products are coal, palm oil and nickel metals.

Imports, on the other hand, were up 3.29 percent on a yearly basis to $19.59 billion, much higher than the prediction in the poll for only a 0.2-percent increase.

READ: Indonesia’s Q3 GDP growth weakest in 2 years, exports slump further

On an annual basis, overseas purchases of consumer and capital goods rose by 19.82 percent and 13.66 percent, respectively. Meanwhile, imports of raw materials were down 1.05 percent.