Channel News Asia (CNA) is reporting that Indonesia’s exports rose 10.25 percent in October from a year earlier to USD 24.41 billion, official data showed on Friday (15/11/24,) far above a forecast rise of 3.84 percent in a Reuters poll of analysts.
Shipments of palm oil, Indonesia’s top export product, rose an annual 25.35 percent in October to USD 2.37 billion, as export volumes and prices both increased. Palm oil prices have been propped by Indonesia’s ambitious biofuel plan for 2025, say CNA.
Exports from resource-rich Indonesia have recently recovered from a period when export values fell sharply due to declining global commodity prices.
The October trade data will be among a host of economic indicators the central bank will review to determine its monetary policy stance at a meeting next week.
Statistics Indonesia will release import and trade balance data later on Friday, say CAN.
Source: Channel News Asia (CNA), Reuters
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