Indonesia’s trade balance for the November period returned to a surplus of USD 2.62 billion, in line with the improvement in exports and imports on a monthly basis. November 2020 exports were recorded at USD 15.28 billion, an increase of 6.36% MoM and 9.54% YoY, supported by demand from Indonesia’s trading partners and rising commodity prices, especially coal and Crude Palm Oil (CPO). Yesterday, the FR0080 benchmark posted a yield drop of 18 bps to 6.31% or the deepest drop compared to other benchmark series. Apart from a surplus in the trade balance, yesterday’s market movements were also awaiting the release of the BI 7-DRRR interest rate. This BI decision will provide an overview of the economic recovery in early 2021.

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