JAKARTA- Indonesia was seen posting another sizable trade surplus in November, albeit smaller than the previous month, as exports continued to recover while imports plunged, a Reuters poll showed on Monday.
Southeast Asia’s largest economy in the first 10 months of the year had recorded a $17.07 billion surplus, as a recovery in China from the coronavirus-induced economic slump helped its exports rebound, while weak demand at home kept imports low.
The median forecast of 14 analysts in the poll was for a November trade surplus of $2.67 billion, below October’s $3.61 billion – the highest in nearly a decade.
Exports were seen up 2.66 percent on a yearly basis, bouncing back from a 3.29 percent shrinkage the previous month. Meanwhile, imports were seen plummeting 24.52 percent, following October’s 26.93 percent slump.
Exports were likely helped by higher prices of commodities such as crude palm oil and coal, brokerage Mandiri Sekuritas said in a note.
“External demand may have also been solid amid resilient manufacturing PMI in main trade partners, particularly China and the US.”