Indonesia’s exports surge by most in a year on metal shipments
by Bloomberg Jun 19, 2024
Indonesia’s exports rose by the most in a year, beating expectations for a decline, as metal and electrical goods bolstered the nation’s trade.
May exports climbed 2.86% from a year ago, the highest increase since February last year, according to data from the statistics office. That compared with a 0.1% drop estimated by analysts surveyed by Bloomberg.
Sales of metallic ore, nickel and its products, as well as electrical machinery accounted for the boost in exports. The gain is unlikely to be sustained, as metal prices have since declined and biggest buyer China now holds high commodity stockpiles, said PT Bank Central Asia’s Chief Economist David Sumual. Still, exports growth will likely remain near these levels as last year’s high-base effects wane, he added.
The rise in exports widened Indonesia’s trade surplus to $2.93 billion in May, as imports slid 8.8% from a year ago following seasonally large purchases for Eid festivities in April.
That surplus may ease pressure on Bank Indonesia before it decides on monetary policy on Thursday. The rupiah rebounded from a four-year-low to strengthen 0.2% to 16,365 against the dollar on Wednesday.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
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