INDONESIA’S export growth slowed more than expected in January, after authorities in the world’s top thermal coal exporter banned shipments, a surprise move that drew complaints from importers Japan, South Korea and the Philippines.

The January trade surplus was about US$930 million, bigger than the median forecast of US$190 million in a recent poll, as imports rose more slowly than predicted.

Indonesia on Jan. 1 suspended all coal exports due to critically low inventory at domestic power plants. Shipments were allowed to resume gradually from Jan. 10 and the ban remains in place for miners not compliant with domestic sales requirements.

The resource-rich country has recorded a trade surplus every month since May 2020, benefiting from an upward trend in commodity prices as countries lift COVID-19 restrictions.

Exports grew 25.31 percent on an annual basis in January, data from the statistics bureau showed yesterday, short of the 33.86 percent expected in the recent poll.

It was the slowest increase in the past year. Total exports were valued at US$19.16 billion, the smallest since June.

The bureau said there was a US$2 billion drop on a monthly basis in exports of products classified as mineral fuel — much of which is coal — with shipments to China, India and the Philippines affected the most.

Tin exports also fell US$259 million in January from a month earlier, after Indonesian authorities delayed export permits for the metal.

Meanwhile, imports increased 36.77 percent to US$18.23 billion, more slowly than the 51.38 percent expected in the poll. (SD-Agencies)