Indonesia failed to continue an upward trend in monthly exports in August as slow global economic recovery reduced demand for the country’s products.
Southeast Asia’s largest economy recorded US$13.07 billion in exports in August, down 4.62 percent compared to July and down 8.34 percent annually, as the pandemic upended global demand, Statistics Indonesia (BPS) announced on Tuesday. The country recorded month-on-month (mom) export growth in June and July after contractions in April and May, during which Indonesia implemented strict movement restrictions.
Exports of oil and gas products fell 27.4 percent year-on-year (yoy) to around $610 million in August, while exports of mining products decreased 24.7 percent yoy to $1.39 billion due to falling commodity prices.