Indonesia posts biggest trade surplus in 9 years in July

JAKARTA (REUTERS) – Indonesia posted its biggest trade surplus since 2011 in July, more than expected, as exports improved while domestic demand for imports remained subdued due to the coronavirus outbreak, data from the statistics bureau showed on Tuesday (Aug 18).

Southeast Asia’s largest economy posted a US$3.26 billion (S$4.46 billion) surplus in July, the widest since August 2011, according to Refinitiv Eikon data. A Reuters poll had expected a US$680 million surplus for July and there was a US$1.27 billion surplus in June.

July exports were worth US$13.73 billion, down 9.9 per cent on-year and compared with the poll’s prediction for a 16.65 per cent fall. By value, total shipments for the month was the highest since March, supported by sales of agriculture products and despite falling coal sales.

Imports plunged 32.55 per cent on an annual basis to US$10.47 billion, more than the 22.48 per cent fall expected in the poll.

Source: Read Full Article