Indonesia Posts $1.27 Billion Trade Surplus as Imports and Exports Rise
Indonesia’s trade surplus narrowed slightly in June as imports picked up more than exports and trade with China recovered.
The Southeast Asian country posted a trade surplus of $1.27 billion in June, according to official data released Wednesday, slightly narrower than May’s trade surplus of $2.09 billion. A Wall Street Journal poll of analysts produced a median forecast for a surplus of $1.55 billion.
Indonesia’s exports in June rose 15.1% from the previous month while imports increased 27.6%, led by imports of machines and electric parts.
Exports in June rose 2.3% compared with the same period a year earlier to $12.03 billion, while imports declined 6.4% to $10.76 billion.
Trade with China, the country’s largest trading partner, recovered in June with both imports and exports growing as lockdowns to contain Covid-19 were eased.
Southeast Asia’s largest economy has been hit hard by the pandemic. Bank Indonesia recently cut its 2020 gross domestic product growth forecast to 0.9%-1.9% after first-quarter growth missed estimates. The economy grew 5.0% last year.
Source: Dow Jones