Statistics Indonesia (BPS) recorded December 2021 trade balance surplus of USD 1.02 billion, significantly lower than the previous month’s surplus of USD 3.51 billion. The figure is also below the market’s expectation of USD 3.13 billion in surplus. Besides the normalization of global commodity prices, NHKSI Research also sees that domestic economic recovery boosts import demand, which resulted in lower surplus. Meanwhile, the December 2021 trade balance was supported by exports of USD 22.38 billion and imports of USD 21.36 billion. Cumulatively, the trade balance surplus for 2021 was recorded at USD 35.43 billion, partly due to higher global commodity prices.

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