Indonesia’s March trade surplus smaller than expected

INDONESIA’S trade surplus narrowed to US$2.91 billion in March, smaller than expected, as its exports and imports beat forecasts, official data showed on Monday (Apr 17).

A Reuters poll had expected a surplus of US$3.99 billion in March. The resource-rich country booked a surplus of US$5.46 billion in February, according to a revised figure provided by the statistics bureau.

Indonesia saw its exports rise to a record high last year on high global commodity prices, but shipments have gradually slowed as prices moderate.

Exports in March dropped 11.33 per cent on a yearly basis to US$23.5 billion, less than the 15 per cent fall forecast in the poll, and compared with a revised February growth of 4.44 per cent.

That still marked the sharpest annual fall since May 2020.

Imports were worth US$20.59 billion, down 6.26 per cent from the same month last year, but a smaller drop than the 14.45 per cent decline seen in the poll. Imports fell 4.32 per cent in February. REUTERS