INDONESIA’S trade balance posted the highest surplus in nearly six years in August as exports picked up on the back of rebounding commodity prices.
The surplus stood at US$1.7 billion (Bt56.9 billion) in August, the largest since November 2011, the nation’s Central Statistics Agency reported yesterday.
Exports were valued at $15.2 billion in August, up significantly by 19.2 per cent year-on-year |and 11.7 per cent month-on-month. Agency head Kecuk Suhariyanto attributed the marked increase to the rebound in prices for key commodities such as coal, palm oil, palm kernel oil, rubber, copper and nickel.
Drop in imports
Imports, however, declined by 8.9 per cent on a yearly basis and 2.9 per cent on a monthly basis to $13.5 billion.
The domestic manufacturing industry accounted for nearly 76 per cent of total exports in |August, followed by the mining sector with 13.1 per cent, oil and gas sector with 8.4 per cent and agricultural sector with 2.5 per cent.
Almost two-thirds of imports comprised raw materials and intermediary inputs, followed by capital goods and consumption goods at 16.5 per cent and 8.9 per cent.
The August surplus brings the surplus in the first eight months of this year to $9.1 billion.