Indonesia: Trade surplus prints record figures in April – UOB

Enrico Tanuwidjaja, Economist at UOB Group, comments on the recently published trade balance figures in Indonesia.

Key Takeaways

“Indonesia’s trade surplus hit all-time high in April 2022 to reach USD7.5bn vs. USD4.5bn in March 2022.”

“Mineral fuels and oils were leading the gains in overall exports’ strong surge last month, but amidst the CPO export ban on 28 Apr, we may see this sector’s shipments significantly lowered in May.”

“Indonesia’s total imports were weaker than expected, indicating that the recovery in domestic demand is not as strong as initially expected, and supporting our GDP growth forecast downgrade.”