Economist at UOB Group Enrico Tanuwidjaja reviews the latest trade balance results in Indonesia.

Key Takeaways

“Sep’s trade surplus came in at USD5bn and with that, Indonesia’s cumulative trade surplus this year up to Sep 22 widened to just a touch below USD40bn. We believe it will exceed that mark by the end of this year and clinch a historic high for Indonesia’s trade position, currently already at record high.”

“However, exports and imports growth came in below expectations at 20.3% and 22.0% y/y respectively, well below forecast of 28.6% and 33.4% by a wide margin. Exports stood at USD24.8bn in Sep and imports at USD19.8bn.”

“Non-oil & gas exports continued to drive overall exports down while oil & gas imports remained elevated, though the latter was slightly down amidst easing crude oil prices.”