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Indonesia swings to small trade deficit in July

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Indonesia posted a smaller-than-expected trade deficit in July after two months of surpluses, data from the country's statistics bureau showed on Thursday.

[JAKARTA] Indonesia posted a smaller-than-expected trade deficit in July after two months of surpluses, data from the country's statistics bureau showed on Thursday.

South-east Asia's largest economy had a US$63.5 million deficit in July, the bureau said, compared with a trade surplus of US$297.3 million in June. A Reuters poll of economists had forecast a US$420 million deficit for July.

The pace of contraction in July exports slowed to 5.12 per cent on-year, from about 9 per cent the previous month and was less than the 11.4 per cent expected in the poll. That brought July's export value to US$15.45 billion.

Oil and gas exports were up 13.35 per cent on an annual basis, cushioning the drop in shipments of manufactured and mining goods.

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Meanwhile, imports were down 15.21 per cent on-year to US$15.51 billion, versus the poll's 18.12 per cent decline.

The resource-rich country has seen its exports and imports falling on an annual basis in recent months, in line with softer global trade amid the US-China trade war, except in June, when imports ticked up slightly.

REUTERS