Economist at UOB Group Enrico Tanuwidjaja assesses the latest trade balance figures in Indonesia.

Key Takeaways

“Indonesia achieved a trade surplus of USD5.1bn in Jun, third highest compared to an all-time high of USD7.5bn in Apr 2022.”

“Exports soared 40.7% y/y in Jun (vs 27.0% in May), significantly higher than the market consensus of 30.3% y/y. Meanwhile, imports similarly sped up to 22.0% y/y in June (vs 30.7%% y/y in May), barely higher than the market consensus of 20.1% y/y.”

“Indonesia may record another small current account surplus in 2Q22 amidst much stronger than expected trade surplus in Mar-Jun period.”