JAKARTA (Reuters) – Indonesia’s trade surplus is expected to have narrowed month-on-month in March due to a likely contraction in exports and higher imports amid the Eid-al Fitr festival when typically consumption rises, a Reuters poll showed on Thursday.
The largest economy in Southeast Asia has been enjoying a monthly trade surplus since mid-2020, driven by a commodity boom. In February, the surplus was bigger than expected as a surge in palm oil shipments boosted exports.
The median forecast of eight economists, surveyed by Reuters between April 14 and April 17, showed the surplus at $2.64 billion last month from $3.12 billion in February.
Exports in March were seen in contraction at 3.4% year-on-year after posting 14.05% growth in February, while imports were expected to rise 6.6%, much higher than 2.3% in February.
Economists have warned that individual implementation of U.S. tariffs, which is currently under a 90-day pause, and its impact on global trade could hurt Indonesia’s shipments going forward.
(Polling by Susobhan Sarkar and Veronica Khongwir; Writing by Stefanno Sulaiman; Editing by Eileen Soreng)
Comments