JAKARTA: Indonesia’s trade balance surplus in February is estimated to increase slightly from the previous month.
However, export performance is predicted to experience a contraction while imports increase during the holy month of Ramadan, according to Reuters survey results, Thursday (14 March).
The average estimate of 20 economists surveyed between March 7-14 predicted a trade surplus of US$2.32 billion last month, up from the US$2.01 billion surplus recorded in January.
Indonesia has recorded a monthly trade surplus for almost four years.
The record high was reached in April 2022, thanks to a surge in commodities.
However, the surplus has gradually shrunk since last year due to weak exports along with falling prices of key commodities such as coal and palm oil due to lower global demand.
Economists project that export performance will contract by 2.7 percent, namely 6.5 percent on an annual basis, but this is better than last month’s realization, where exports grew -8.06 percent.
Meanwhile, imports are expected to jump 9.3 percent on an annual basis, compared with a 0.36 percent increase in January.
Imports of goods usually increase ahead of Ramadan, which started March 12.
