Indonésia Balança Comercial

Indonesia's trade surplus narrowed to USD 2.47 billion in October 2024, down from USD 3.47 billion in the same month a year earlier and below market estimates of USD 3.05 billion. This marks the smallest trade surplus since June, mainly due to a surge in imports. Exports rose by 10.25% yoy, marking the seventh consecutive month of growth and the fastest pace since January 2023, well above market expectations of a 3.84% gain, supported by higher palm oil prices. Export growth was primarily driven by increased shipments to the US (28.49%), India (8.04%), the ASEAN (18.00%), and the EU (25.68%). Meanwhile, imports soared by 17.49%, much faster than market forecasts of a 7.1% rise and an 8.55% gain in the previous month, the fastest pace since September 2022, boosted by strong domestic demand leading up to year-end festivities. For the 1st ten months of 2024, the trade balance registered a surplus of USD 34.04 billion, with exports and imports advancing by 1.33% and 5.25%, respectively.