Indonesia’s trade surplus jumped significantly to USD 5.09 billion in June of 2022 from USD 1.32 billion in the same month of the previous year, exceeding market expectations of USD 3.52 billion surplus. Exports jumped 40.68 percent over a year earlier to USD 26.09 billion, after Jakarta increased palm oil export quota while allowing palm oil producers to ship seven times the amount it sold domestically.
Meanwhile, imports grew by 21.98 percent to USD 21 billion, amid robust domestic following further loosening of COVID-19 restrictions. For the first half of the year, the goods posted a surplus of USD 24.89 billion, with exports and imports soaring by 37.11 percent and 27.62 percent, respectively.
