Workers are seen on a ship carrying containers at Tanjung Priok Port in Jakarta, Indonesia. (Reuters Photo)

By Stefanno Sulaiman and Gayatri Suroyo

JAKARTA- Indonesia’s trade surplus rose to a three-month high in August, topping forecasts, as exports grew much faster than expected, official data showed on Tuesday.

The August trade data is among economic indicators the central bank will analyze during its two-day policy meeting starting on Tuesday. Economists polled by Reuters ahead of the trade data expected Bank Indonesia (BI) to leave rates unchanged.

The world’s top exporter of thermal coal, palm oil and nickel metals reported a surplus of $2.89 billion last month, compared with $1.96 billion expected in a Reuters poll. The surplus was the biggest since May.

Exports in August grew 7.13 percent  on a yearly basis to $23.56 billion, Statistics Indonesia said. The median forecast was for a 3.83 percent  annual rise last month.

The pace of the August export rise was the quickest since January 2023, according to LSEG data.

Imports were worth $20.67 billion, up 9.46 percent  from a year earlier, compared with the poll’s expectation of an 8.15 percent  rise.

Shipments from the country have risen in annual terms each month since April, recovering after a year where export values fell sharply following the peak of a post-pandemic commodity price boom.

Despite the data coming in higher than expected, some economists said they still expected the BI to stand pat due to previous comments from policymakers prioritizing stability and the potential for BI to wait for the Federal Reserve to cut US rates. – Reuters