The two key factors responsible for this impressive export performance are, again, palm oil and coal. Prices of both commodities have been skyrocketing. Considering Indonesia is the world’s biggest producer and exporter of palm oil as well as one of the world’s biggest thermal coal exporters, it can enjoy abundant foreign exchange earnings in times of high commodity prices.

Meanwhile, imports into Indonesia were not bad at all too, with significant jumps seen in imports of raw materials and capital goods in August 2021 (which provides optimism on economic activity in the form of manufacturing and investment). But because export growth, by far, surpassed import growth, Indonesia’s overall trade balance managed to grow to USD $4.74 billion in August 2021. That is a new record! Never before had Indonesia seen such a wide surplus in one month.


The full article is available in our September 2021 report. This report can be purchased by sending an email to or a message to +62.882.9875.1125 (including WhatsApp).

Take a glance inside the report here!