Trade Balance of Indonesia: Strong Export and Import Performance in June 2021
Before we delve into Indonesia’s June 2021 trade statistics, we first take a quick look at Indonesia’s full-year 2020 trade performance as Indonesia’s Statistical Agency (Badan Pusat Statistik, BPS) released its annual ‘Indonesian Foreign Trade Statistics – 2020’ report in the first week of July 2021.
While the report does not contain new information, it is worth copy-pasting the table showing Indonesia’s biggest export products in 2020:
The two biggest foreign exchange earners for Indonesia in 2020 were palm oil and coal (this should be no surprise as both are, traditionally, the biggest export items of Indonesia). While environmentalists may not be happy about this (as the cultivation of palm oil is directly related to deforestation, while the burning of coal is directly related to carbon dioxide emissions), they are important items for the economic and social development of Indonesia.
Moreover, the great impact of palm oil and coal exports on Indonesia’s overall trade balance has continued into 2021 as both the palm oil and coal price have soared so far in 2021 (see the charts below), touching record highs this year.
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