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Indonesia posts US$710 million trade surplus in January

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Indonesia posted a higher-than-expected trade surplus in January as global oil prices slumped, government data showed Monday.

[JAKARTA] Indonesia posted a higher-than-expected trade surplus in January as global oil prices slumped, government data showed Monday.

Southeast Asia's biggest economy saw exports slide 8.09 per cent on-year to US$13.30 billion and imports sank 15.59 per cent to US$12.59 billion.

"The drop was due to the sharp fall of the (global) oil prices," Statistics Agency chief Suryamin, who goes by one name, said.

Indonesia's economy expanded 5.0 per cent last year, a sharp slowdown from the 5.8 per cent growth recorded in 2013 and the weakest pace since 2009.

The growth figures underline the challenge for Indonesia's new President Joko Widodo, who despite a promising first few months in office faces many economic hurdles, analysts said.

Mr Widodo, who won office partly on a pledge to revive the slowing economy, has promised to woo investors by cutting red tape and ploughing money into overhauling the country's ageing infrastructure.

AFP

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