Indonesia’s trade surplus notably increased to US$5.16 billion in November 2022 from US$3.52 billion in the same month of the previous year, as exports rose while imports fell. Shipments grew 5.58% from a year earlier to US$24.12 billion, the 25th straight month of increase but the least since June 2020, amid weakening global demand due to rising inflation, moderating commodity prices, and the impact of a resurgence of COVID cases in some countries, particularly China, Indonesia’s top trading partner.
Meanwhile, imports unexpectedly declined 1.89% to US$18.96 billion, the first drop in 22 months, as domestic consumption was shaky due to recent natural disasters while the rupiah was relatively in a steady downtrend. During the first eleven months of the year, the trade surplus jumped to US$50.68 billion from US$34.42 billion in the corresponding period in 2021.