Indonesia Oct exports up 10.3% y/y, beating forecast

JAKARTA : Indonesia's exports rose 10.25 per cent in October from a year earlier to $24.41 billion, official data showed on Friday, far above a forecast rise of 3.84 per cent in a Reuters poll of analysts.

Shipments of palm oil, Indonesia's top export product, rose an annual 25.35 per cent in October to $2.37 billion, as export volumes and prices both increased. Palm oil prices have been propped by Indonesia's ambitious biofuel plan for 2025.

Exports from resource-rich Indonesia have recently recovered from a period when export values fell sharply due to declining global commodity prices.

The October trade data will be among a host of economic indicators the central bank will review to determine its monetary policy stance at a meeting next week.

Statistics Indonesia will release import and trade balance data later on Friday.

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