Indonesia's trade surplus refreshed the record of $4.74 billion in August to reach $5.7 billion in October, driven by rising prices of coal, steel and palm oil, showed data from Statistics Indonesia on November 15.
The country's gross domestic product growth posted a notable growth in the third quarter on robust exports. This eased the impact of COVID-19 pandemic in July-August, and powered the country's further economic recovery.
Indonesia reported trade surplus for 18 consecutive months on the back of the upbeat commodity prices. This made the rupiah IDR one of emerging Asia's best performing currencies.
Export value of the country was $22.03 billion in October, up 53.35% from a year ago, showed data from Statistics Indonesia. Shipments of mining products surged more than 190% year on year, driven by surging sales of coal and copper. Natural gas exports also rose more than 93%.
Import value rose 51.06% from a year ago to $16.29 billion in the month. Economists expected import growth to increase further in line with Indonesia's economic recovery and further relaxation of social anti-pandemic measures.
(Writing by Lilya Li Editing by Tammy Yang)
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