Indonesia's Export and Import Values Increase Again in October 2021

The Central Statistics Agency (BPS) reported that Indonesia's export value reached US$22.03 billion in October 2021. This figure increased by 6.89% compared to September 2021, which was US$20.61 billion (m-to-m). Meanwhile, the value increased by 53.35% from October 2020, which was US$14.36 billion (yoy).

The increase in Indonesia's export value month-on-month was driven by a 6.75% increase in non-oil and gas exports, from US$19.67 billion to US$21 billion. Oil and gas exports also increased by 9.91%, from US$932.8 million to US$1.02 billion. Year-on-year, non-oil and gas exports increased by 52.75% from US$13.74 billion. Oil and gas exports increased year-on-year by 66.84% from US$614.5 million.

Meanwhile, Indonesia's import value was recorded at US$16.29 billion in October 2021. This figure increased by 0.36% compared to September 2021, which was US$16.23 billion. The value also increased by 51.06% from October 2020, which was US$10.78 billion.

The month-on-month increase in imports was driven by a 0.19% growth in non-oil and gas imports from US$14.36 billion. Oil and gas imports increased month-on-month by 1.68% from US$1.86 billion. Year-on-year, non-oil and gas imports increased by 48.29% from US$9.70 billion. Oil and gas imports increased year-on-year by 75.94% from US$1.07 billion.

Indonesia's export value was higher than its imports, resulting in a trade surplus of US$5.73 billion in October 2021. This surplus increased from the previous month's US$4.37 billion. The figure is also higher than October 2020's US$3.58 billion.