Indonesia posts biggest trade surplus in 9 years in July

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Indonesia posted its biggest trade surplus since 2011 in July, more than expected, as exports improved while domestic demand for imports remained subdued due to the coronavirus outbreak, data from the statistics bureau showed on Tuesday, Trend reports with reference to Reuters.

Southeast Asia’s largest economy posted a $3.26 billion surplus in July, the widest since August 2011, according to Refinitiv Eikon data. A Reuters poll had expected a $680 million surplus for July and there was a $1.27 billion surplus in June.

July exports were worth $13.73 billion, down 9.90% on-year and compared with the poll’s prediction for a 16.65% fall. By value, total shipments for the month was the highest since March, supported by sales of agriculture products and despite falling coal sales.

Imports plunged 32.55% on an annual basis to $10.47 billion, more than the 22.48% fall expected in the poll.