JAKARTA: Indonesia posted a trade surplus of $4.34 billion in September, official data showed on Monday, slightly below economists’ forecast of $4.79 billion, as both exports and imports grew faster than expected.

According to Statistics Indonesia (BPS), imports rose 7.17% year-on-year to $20.34 billion, significantly higher than the 1% increase projected by economists in a Reuters poll. The stronger import growth reflects higher domestic demand and increased purchases of raw materials and capital goods.

Meanwhile, exports climbed 11.41% year-on-year to $24.68 billion, also beating expectations of a 7.72% rise. The export rebound was supported by strong shipments of mineral products and manufactured goods amid stabilizing commodity prices.

Despite the narrower surplus, Indonesia has maintained a positive trade balance each month since mid-2020, underpinned by robust export performance.

BPS is also expected to release October inflation figures and other key economic indicators later on Monday, which will provide further insight into domestic price pressures and economic momentum.