Economist at UOB Group Enrico Tanuwidjaja and Junior Economist Agus Santoso review the latest trade balance figures in Indonesia.

Key Takeaways

“Trade surplus in Mar narrowed significantly to USD2.9bn from USD5.5bn in Feb and USD4.5bn in previous year. Cumulatively in 1Q23, trade surplus recorded a growth of 31.3% y/y to USD12.3bn from the same period last year of USD9.3bn.”

“Oil and gas (OG) exports contracted by 4.8% y/y from 19.3% in Feb, following non-oil and gas (non-OG) exports which declined by double digits since its lowest level in 2020 due to lockdowns in most countries.”

“OG imports contracted by 13.7% y/y lower than previous month's contraction of 17.1%, while non-OG imports contracted by 4.9% in Mar, larger than Feb’s contraction at 1.6%, driven by decline in consumer goods and raw materials."