JAKARTA, Dec.23 (Reuters) – Indonesia’s exports could reach between $ 225 billion and $ 230 billion this year, the largest on record for Southeast Asia’s largest economy, the country’s trade minister said on Thursday. .

The resource-rich country has experienced an export boom thanks to rising prices for its major commodities such as coal, palm oil, tin, steel and rubber.

Exports in the first 11 months of the year reached $ 209.2 billion, up nearly 43% on an annual basis, with shipments of $ 22.84 billion in November, a record monthly figure .

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“If the numbers are consistent in December, we will see exports exceed 225-230 billion dollars and 2021 will be the highest in our export history,” Minister Muhammad Lutfi said at a press conference.

Indonesia’s previous export record stood at $ 203.5 billion in 2011, the peak of the previous cycle of commodity hikes.

“Our surplus has reached $ 34 billion … If this is consistent, we will register a surplus of $ 35 billion in 2021,” added Lutfi.

This forecast is the country’s largest trade surplus since 2007.

Due to the large merchandise trade surplus, Indonesia could record its first current account surplus in a decade this year, the central bank said, giving a forecast range of a surplus of 0.3% at a deficit of 0.5%, compared to the gross domestic product.

Analysts said it could help anchor the rupee amid global monetary tightening.

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Reporting by Bernadette Christina Munthe; Written by Gayatri Suroyo Edited by Ed Davies

Our Standards: Thomson Reuters Trust Principles.

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