Indonesia Posts Largest Trade Surplus in 5 Months

Indonesia’s trade surplus increased sharply to USD 4.53 billion in March of 2022 from USD 1.57 billion in the same month of the previous year and beating market consensus of USD 2.89 billion. This was the largest trade surplus since last October, amid rising commodity prices.

Exports jumped 44.36 percent over a year earlier to a record high of USD 26.50 billion, the strongest growth in four months, supported by both non-oil products (43.82 percent) and oil and gas products (54.75 percent); while imports rose 30.85 percent to a record peak of USD 21.97 billion, with purchases of non-oil and gas growing 27.34 percent and those of oil and gas surging 53.22 percent.

For the first quarter of the year, the goods posted a surplus of USD 9.34 billion, with exports and imports surging by 35.25% and 30.97, respectively.