APSN Banner

Indonesia's June trade surplus smallest in four months

Source
Borneo Bulletin - July 16, 2024

ANN/The Straits Times – Indonesia's trade surplus narrowed in June to its smallest in four months as exports rose less than expected amid strong import growth, data from its statistics office showed yesterday, after two big copper miners halted shipments.

The June surplus was USD2.39 billion, falling short of economists' median forecast of USD2.98 billion in a survey, and May's revised surplus of USD2.92 billion.

The value of shipments from Indonesia, the biggest economy in Southeast Asia, has gradually declined from its peak during a global commodity boom in 2022, amid softening prices.

Several economists said the June data remained in line with market expectations of a trend of a narrower goods trade surplus in 2024, which will widen the current account deficit and may pressure the rupiah exchange rate.

"We anticipate a widening current account deficit, in line with the declining trade surplus, primarily due to weakening global demand for export products," Bank Danamon economist Hosianna Situmorang said on the WhatsApp messaging app.

June exports rose 1.17 per cent on a yearly basis to USD20.84 billion, less than the 5.46 per cent expected in the poll.

However, a drop of 16 per cent in June shipments of mining products dampened overall export growth, which included falling shipments of coal, steel and copper.

Source: https://borneobulletin.com.bn/indonesias-june-trade-surplus-smallest-in-four-months

Country