Indonesia's trade surplus shrank more than expected in July to $1.31 billion, as imports contracted less than predicted, data from the statistics bureau showed on Tuesday.
A Reuters poll of economists had expected a July surplus of $2.53 billion. Trade surplus in the previous month was $3.46 billion.
Southeast Asia's largest economy booked its biggest ever trade surplus last year as exports jumped, driven by a global commodity boom.
The surplus has narrowed this year as exports declined amid falling commodity prices.
Still, July was the 39th straight month that Indonesia has booked a trade surplus. The long run of monthly trade surplus has helped to stabilise the rupiah currency .
"A still healthy run-rate for the trade surplus to date, bodes well for external balances, by extension being supportive of the rupiah, at a time when global uncertainties are weighing on the currency," Radhika Rao, an economist with DBS Bank said.
The rupiah barely moved after the data. The currency hit a fresh five-month low against the U.S. dollar on Tuesday on souring market sentiment due to China's interest rate cut and rising U.S. Treasury yields.
In July, shipments from Indonesia plunged 18.03% on a yearly basis to $20.88 billion, roughly in line with the poll's prediction of an 18.30% drop, as prices of its top commodities like coal and palm oil fell.
Imports dropped 8.32% on a yearly basis to $19.57 billion, compared with the 15.50% fall predicted by economists in the poll.
Source: Reuters
Share:
<p>Time: 2024 By: Ministry of Industry and Trade</p>
