The relaxation of Public Activity Restriction (PPKM) boosted the manufacturing activity in some areas, which then increased Indonesia’s exports. Statistics Indonesia (BPS) booked the trade balance surplus for August 2021 at USD 4.74 billion, up 82% compared to the previous month’s USD 2.59 billion. Other than the jump in demands from some trading partner countries, NHKSI Research sees the price increase for export mainstay commodity prices supported the trade balance surplus in this period. Some commodities that recorded price jumps in August 2021 are: coal at 16%; CPO at 1%; natural rubber and nickel. Furthermore, Indonesia’s exports in August 2021 grew 64% YoY, higher than imports that grew 55.3% YoY.

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