UOB Group’s Economist Enrico Tanuwidjaja and Junior Economist Agus Santoso comment on the latest trade balance figures in Indonesia.

Key Takeaways

“Trade surplus in Apr gained slightly higher to USD3.9bn from USD2.8bn in Mar, though it is around USD1.5bn below the highest position thus far in 2023.”

“Oil and gas (OG) exports contracted by 12.2% y/y, much worse from -4.8% in Mar, followed by non-oil and gas (non-OG) exports’ decline which continue to record double digits contraction at -30.4% y/y.”

“OG imports contracted by 22.5% y/y, larger than previous month's contraction of 13.7%, followed by non-OG imports contraction by 22.3% in Apr, larger than Mar’s contraction of 11.7%.”