Indonesia’s trade surplus seen widening in March as imports ease: Reuters poll
1:06 am Friday, April 19th, 2024
JAKARTA (Reuters) – Indonesia’s trade surplus is estimated to have widened in March as imports were seen easing from a seasonally high demand in the prior month, a Reuters poll showed on Friday.
The poll, which surveyed 14 economists between April 16 and April 19, indicated a trade surplus of $1.13 billion for last month, compared with around $870 million surplus in February, the smallest surplus in nine months.
The Southeast Asia’s largest economy has been recording monthly trade surplus for more than three years due to commodities such as coal, palm oil and nickel, but they have been narrowing due to weaker global demands.
Exports in March were seen to face headwinds. Imports were expected to have eased from strong figures in February, a month when businesses increased their overseas purchases ahead of the Islamic holy month of Ramadan that started in early March.
Analysts predicted exports in March contracting 9.03% on an annual basis, after declining 9.45% the month earlier.
Imports were seen falling 1.57% year-on-year after a 15.8% jump in February.
(Polling by Veronica Khongwir and Devayani Sathyan; Writing by Fransiska Nangoy; Editing by Sherry Jacob-Phillips)
