Indonesia’s Trade Surplus Widened in April as Imports Fell
Indonesia’s trade surplus widened in April as imports slowed.
The country posted a trade surplus of $2.19 billion last month, compared with a $1.57 billion surplus in March. Analysts polled by The Wall Street Journal expected a $990.5 million surplus.
Southeast Asia’s largest economy recorded a surplus with North America, the Philippines and India, statistics bureau head Suhariyanto said Thursday.
Exports jumped 52% from a year earlier to $18.48 billion in April, as exports a year earlier fell sharply amid the Covid-19 pandemic. Exports gained 0.7% from a month earlier, driven mostly by exports of iron, steel and precious metals.
The country’s imports gained 30% from a year earlier to $16.29 billion in April. However, imports dropped 2.9% from the previous month, as imports of raw materials and capital goods fell.
The rising number of Covid-19 cases in the region has weighed on economic activity. Indonesia’s economy contracted 0.74% in the first quarter of the year.
Indonesia’s health ministry reports that the number of Covid-19 cases in the country has crossed 1.7 million, while the number of deaths is at 48,669.
Source: Dow Jones