Indonesia has posted impressive trade results for October 2024, showcasing strong growth in both exports and imports, which highlights the resilience of the nation’s trade sector amid global market dynamics.
Exports from Indonesia reached $24.41 billion in October, growing by 10.25% year-on-year—significantly surpassing market expectations of a 3.84% increase. This marks the highest export growth rate since January 2023. Key drivers of this robust performance included a notable rise in palm oil exports, which increased by 25.35% to $2.37 billion. The growth was propelled by both higher export volumes and rising prices, underpinned by Indonesia’s forward-thinking biofuel initiative for 2025. Additionally, exports of agricultural commodities like cocoa saw a strong boost due to favorable international price trends.
Imports also showed healthy growth, with a 17.49% year-on-year increase, reaching $21.94 billion. This reflects a strong demand for raw materials and intermediate goods to support industrial activity, which grew by 18.48% from the previous year. This uptick in imports signals a vibrant economy and highlights the ongoing recovery of Indonesia’s manufacturing and industrial sectors.
While the trade surplus narrowed to $2.47 billion, from $3.23 billion in September, the positive trends in both export and import growth reflect Indonesia’s robust economic positioning in the global market. The nation’s trade performance signals increasing competitiveness and global market integration, strengthening its position as a key player in international trade.
This strong trade performance is a positive signal for Indonesia’s economic growth prospects, as it continues to capitalize on its resource-rich economy and expanding manufacturing base.
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