Indonesia trade surplus beats forecast after palm oil exports resumption

Indonesia trade surplus beats forecast after palm oil exports resumption

Indonesia booked a larger-than-expected trade surplus of $5.09 billion in June, as palm oil exports surged after the lifting of an export ban a month earlier while coal shipments to Europe also jumped, official data showed on Friday.

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A Reuters poll had expected a $3.52 billion surplus for June, following a $2.90 billion surplus in May.

Resource-rich Indonesia has been enjoying an export boom on the back of soaring global commodity prices. Its trade surplus in 2022's first half was the highest on record at $24.89 billion, more than double that of the same period in 2021.

June exports rose 40.68 per cent on a yearly basis to $26.09 billion, beating the poll's 30.26 per cent growth forecast, Statistics Indonesia data showed.

Palm oil and its derivatives contributed $2.74 billion to total shipments amid high global prices, up more than 860 per cent from last month, with a big increase in sales to India, Pakistan, Bangladesh and China. That was a rise of 89 per cent on an annual basis.

Indonesia banned exports of some palm oil products for three weeks from late April.

Its coal exports to Europe have also increased as the impacts of the Ukraine war disrupted Russian coal supply to the region. Data showed $191.2 million in coal exports in the second quarter, up 143 per cent from the previous quarter. No monthly data was provided.