"This surplus is encouraging since there was an increase in exports on a month-on-month (mom) basis of 6.34 percent, while imports also increased by 17.4 percent mom, although year-on-year (yoy), it stayed down," Head of BPS Suhariyanto stated at a virtual conference here on Tuesday.
Indonesia's trade surplus and export hike in November 2020 were supported by rising demand and increasing prices for mainstay commodities, especially coal and palm oil.
In terms of commodities, animal fats and oils, mineral fuels, and iron and steel were the biggest contributors to exports this month.
Indonesia's trade experienced a surplus with several countries, including with the United States, clocking a surplus of US$948.7 million, US$603.8-million surplus with India, and US$533.4-million surplus with the Philippines.
Nonetheless, Indonesia's recorded a trade deficit with several countries, such as US$572.6 million with China, US$198 million with Hong Kong, and US$142.6 million with Australia.
Thus, a surplus of US$19.66 billion in the goods trade balance was registered during the January-November 2020 period. Indonesia had recorded a deficit of US$3.5 billion during the corresponding period in 2019.
"I would like to conclude that the performance of Indonesia's November 2020 trade balance is very encouraging," Suhariyanto noted. Related news: Indonesia's export potential yet to be fully explored: Widodo
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Translator: Stella PG, Fardah
Editor: Rahmad Nasution
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