Indonesia's export/import growth tops expectations in November

Data released by Central Statistics Agency (BPS) on Thursday showed that Indonesia’s November trade surplus came in at US$0.84 billion, bigger than the consensus forecast of US$0.818 billion. Growth in surplus in November was backed by rising exports and imports.

Figures from the Central Statistics Agency revealed that Indonesia’s November exports increased by 21.34 percent year-on-year to $13.5 billion, mainly supported by higher exports of coal and crude palm oil to India and China.

“The spectacular increase in exports occurred in both the non-oil and oil sectors. The highest jump was in non-oil exports of animal fat and vegetable oil products, which accounted for $366.1 million,” said BPS deputy head of distribution and statistics Sasmito Hadi Wibowo.

Meanwhile, imports grew by 9.88 percent to $12.66 billion in November compared to the same period last year. The increase was triggered by higher non-oil imports of machinery and electrical equipment, while the biggest drop was for ships. Economists had expected a 12.5 percent rise in exports and 0.1 percent expansion in imports.

FxWirePro's Hourly USD Spot Index was at 156.292 (Highly bullish) at 1210 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.